What we heard from you
“Originally from Maui and moved my family to Oahu. I would like to come back to live after returning from duty in Iraq. This is a great thing ML&P is doing for Maui.”
— Roderick Cabacungan, Honolulu, HI
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Frequently Asked Questions (FAQs)
Q: How do I qualify for an affordable home?
A:
The qualifications are as follows:
- Be a resident of Hawaii
- Be at least 18 years old
- You must physically reside in homes
- You cannot own a home or real property
- Must meet the affordable income requirement
- Other requirements may apply
Q: How much do I need to earn to qualify for an affordable home?
A:
As of March 2008, the Housing and Urban Development (HUD) median income for a family of four was $72,800. Based on that level, you would qualify if your household income is up to $116,480.
This will change based on the HUD median income level and current interest rates. Q: How much will an affordable home cost?
A: :If we assume a 6.5% APR on a 30-year mortgage for a three bedroom, single family house and current HUD Median Income of $72,800, then:
Household
Income |
Affordable Housing
Sale Prices |
Income
Qualifications |
| up to $72,800 |
up to $303,100 |
up to 100% of HUD Median Income |
| $72,801 to $87,360 |
$303,101 to $363,700 |
101% to 120% of HUD Median Income |
| $87,361 to $101,920 |
$363,701 to $424,300 |
121% to 140% of HUD Median Income |
| $101,921 to $116,480 |
$424,301 to $485,000 |
141% to 160% of HUD Median Income |
Q: What will be the restrictions on selling the home?
A:
The restrictions are as follows:
- Owner-occupied
- Buyback restriction with first rights of refusal by Pulelehua Trust
- Buyback price is based on a repurchase formula and will be resold as affordable units
- Sharing of equity if trust doesn't buyback
Q: Do you have floor plans?
A:
At this time, we do not have detailed floor plans. Register and as Pulelehua progresses, we will send you floor plans when they are available.
Q: What type of school will it be?
A:
We are currently planning for a public elementary school.
Q: How do I get selected as a home owner or renter?
A:
The selection process has not been determined at this time.
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