PRICING, SQUARE FOOTAGE, HOW TO APPLY - Please call or text Isaiah Block (808) 721-3747. Or email email@example.com. We will get back to you immediately and get you started. Isaiah is a buyer's agent (RB-21893) with Seven Signatures International and will guide you through the application process for affordable and market-rate applications.
On the heels of one of Hawaii’s most successful affordable housing projects, Kapiolani Residences (100% Sold Out), SamKoo Pacific has begun sales for its new and improved sequel, “The Central Ala Moana”!
Estimated Completion: 2021
The Central Ala Moana will be located on the makai side of Kapiolani Boulevard at Kona Iki Street, less than a block away from the planned Ala Moana Rail Station and footsteps to the Ala Moana Center. This is right at center stage of the new planned Ala Moana TOD (Transit Oriented Development) and is an absolute perfect location for those looking to move into Ala Moana.
Timothy Yi, president of Samkoo Pacific has been reported stating The Central will have better features than Kapiolani Residences such as higher ceilings, larger units, and smart technology including smart refrigerators and keyless entry systems for units.
The Central will also feature a pool, dedicated kids pool, playground, BBQ and other amenities which Kapiolani Residences opted not to.
The Central will have an improved location, more amenities and most importantly, more affordable units. Over half (60%) of the 512 residences will be reserved for those who qualify under the HHDFC (Hawaii Housing Finance & Development Corporation) program requirements. This is the largest offering of affordable housing ever in Honolulu and tons of people will be jumping at the chance to get in. The price ranges for HHFDC units are as follows:
- $286,000 - $399,500 for studios
- $396,000 - $566,000 for 1 bedrooms
- $493,000 - $637,000 for 2 bedrooms
- $700,000 - $708,000 for 3 bedrooms
In a time where the trend for developers seems to be profit maximization, SamKoo is dedicating a ton of prime real estate to local workforce population which is fantastic news.
So if you are wondering how in the world to get in, let’s break it down as simply as possible. In order to be eligible you must be a Qualified Resident meaning:
- A citizen of the U.S., at least 18 years of age.
- A legal resident of the State of Hawaii who physically resides in the State.
- Does not currently own real estate (more than 50% interest in any property)
- Must qualify for a loan from a project lender, if receiving financing to complete the purchase.
(Project lenders will be Bank of Hawaii, First Hawaiian Bank, Central Pacific Bank, Prime Lending, Home Street, Compass Home Loans, and American Savings Bank.)
If you are a Qualified Resident, you then need to meet the “Household Income Limit”. This means the maximum income allowed per household. For The Central, we are expecting that to be within 80% - 140% of the area median income.
Below are the 2018 income guidelines by family size.
If your income is within 80% -140% according to your family size, then you qualify as an “eligible purchaser”, it’s that simple.
Next let's go over the application process step-by-step for Kapiolani Residences:
People often ask how the public drawing works and it works just like a lottery system. Numbers are put into a bowl and picked out in random. This is all done publicly to ensure fairness and is overseen by people of multiple agencies.
If you are lucky enough to have your number drawn, next is the property selection ranking. The HHFDC will assign you a priority ranking, which means that they will assess your priority based on income, family size, etc. and make their best judgment as to which slot you will be able to pick a unit come selection day. Finally, you pick a unit and sign your contract. Deposits for Kapiolani Residences were 5% of purchase price.
There is definitely some luck involved but the key to getting in is awareness and preparedness. If you are looking to score a unit at The Central, we can work with you step-by-step to meet all necessary deadlines and ensure you are in the running for your future home. Sales are expected to start within the next few months so be sure visit our dedicated page for The Central and be sure to sign up for updates!