The Central Ala Moana
1391 Kapiolani Boulevard, Ala Moana

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The Central Ala Moana at Ala Moana Overview

The Central Ala Moana is a 43 story glass and concrete high-rise structure that features 512 residences with 310 affordable units reserved for individuals who qualify under the HHDFC Rules for income and asset restrictions. 

The Central has 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.

Pricing

As of 11/7/18, price ranges have been confirmed as follows: 

HHFDC Affordable Housing Program (310 Units):

Market Rate Units (202 Units):

Maintenance fees throughout the building are currently set at $0.69/sf.

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 the Central will be 5% of your purchase price.

There is definitely some luck involved but the key to getting in is awareness and preparedness. The first thing you can do is to get a pre-qualification letter ready. Please contact us, we can get you in touch with a project lender that is working on The Central.

Please note: the HHFDC has two required programs you must agree to in order to purchase an affordable unit.

1) Buyback Agreement

Buyback Program requires that the owner occupy the unit purchased as its primary residence (owner occupancy) for 10 years or the duration of the program. 

2) SAE Agreement

SAE Is Shared Appreciation Equity. It is an agreement to share net appreciation in the unit with HHFDC in exchange for the buyer's opportunity to purchase the unit at below market prices.

Market Rate Units:

Market rate means priced according to the market and will be available to owner-occupants first. 

Here is the step by step process for market rate: 

1. There will be a newspaper announcement
2. Pick-up Qualified Resident Affidavit 
3. Meet with a Lender for a pre-qualification letter
4. Submit Completed Qualified Resident Affidavit 
5. Unit Selection: The Central will send out a registration link. You must register your place online as soon as you receive the link. It is on a first come, first serve basis! Meaning the order you register determines the order you select a unit. Very Important!
6. Contract Signing

For immediate questions please call Isaiah at (808) 721-3747 or email info@condokakaako.com.