Kapiolani Residence is a new condo project in Honolulu, which will offer 60% of the units as affordable housing (for sale – not rentals) and the remaining 40% as market rate units.
News 1/24/2017 – Kapiolani Residence has sold out and is so far on target for completion late 2018.
For details on other new condo project contact Kristian Nielsen: Kristian@honoluluhi5.com.
October 9, 2016 Kapiolani Residence market rate units prices were released. The sales process will be a lottery held on November 10th 9am with unit selection beginning November 11th 9am. In order to particular in the lottery, a potential Buyer must submit this affidavit to the sales office no later than November 7th at 5pm. Sales office address: 1391 Kapiolani Blvd Suite 104.
Kapiolani Residence in Brief Address: 1631 Kapiolani Blvd, Honolulu, HI 96814. Developer: SamKoo Pacific, who reportedly also has plans for a similar tower at 1391 Kapiolani Blvd (some future date). Units: 484 of which 60% (292 units) will be affordable housing units and remaining 192 units will be market priced units. Price range: $271,549 to $591,598 (studio to 3BR affordable housing units) and $486,500 to $989,500 (1BR to 3BR market rate units). Unit sizes: 400sqf to 1,230sqf. Unit configurations: Studio to 3BR. Parking Stalls: All units come with 1 stall, 2BR has option to purchase an additional stall and 3BR units come with 2 stalls, mainly side by side. Balcony: All unit has one. Expected completion: Fall 2018 (broke ground late 2016).
Amenities Indoor party room, BBQ grills and cabanas.
Unit types A = 2BR / 2BA, 892sqf (27 units) B = Studio, 405sqf (44 units) C = 1BR / 1BA, 696sqf (27 units) D = 1BR / 1BA, 726sqf (27 units) E = 1BR / 1BA, 671sqf (27 units) F = 3BR / 2BA, 1,230sqf (4 units) G = 2BR / 2BA, 889sqf (20 units) H = Studio, 400sqf (44 units) I = 1BR / 1BA, 669sqf (26 units) J = 2BR / 2BA, 922sqf (20 units) K = 2BR / 2BA, 895sqf (26 units).
Specific to Affordable Housing Units Annual Income restrictions 1 person: $84,480 (max) 2 persons: $96,480 (max) 3 persons: $108,600 (max) 4 persons: $120,600 (max) NOTE: There are sometimes ways to reduce one’s annual income to qualify for affordable housing. Example: Over-time work may not have to be included in the calculation, if you have a fulltime and a partime job, the income from the part-time job may not have to be part of the calcuation etc. Conclusion: If you make slight above the income restrictions, do not automatically assume you do not qualify.
Other Affordable Housing Requirements Must be a US Citizen or resident alien. At least 18 years old. Currently resides in Hawaii and will reside in unit to be purchase (in other words, must be an owner-occupant; not possible for investors to purchase). Does not own a majority interest in a piece of real estate (this applies to anyone in the household). Income restrictions: Coming soon!
Shared Ownership The state will have a certain percentage ownership in the affordable units and will retain a 10 year right to buy-back (in case an owner wants to sell). The state’s ownership % is not fixed at this stage and it various with price of unit, estimated value values & more, which will only be determined upon closing (expected year 2018).
Deadline Applicants for Kapiolani Residence affordable housing units must be submitted by 5pm August 31, 2016. In order to apply, a potential Buyer must qualify under the HHFDC’s affordable sales program (HHFDC = Hawaii Housing Finance & Development Corporation) – read more about requirements below (there will be seminars for potential Buyers and since there will be a lottery at some point after August 31, 2016 there is plenty of time at this stage).