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New condo development is happening soon in the Moiliili! Kuilei Place is the newest condo that will be built on 2599 Kapiolani Blvd. with quick access to neighborhoods including Kapahulu, Kaimuki, and Diamond Head. This condo will be built by Kobayashi Group who has a long standing reputation of building quality luxury buildings such as Park Lane, Hokua, One Ala Moana, and Capitol Place. There will be a focus on kamaʻāina, with 60% (603 homes) of the residences to be "affordable" and 40% (402 homes) to be market.
Affordable Residences
148 one-bedrooms (494-640 SF) - $370,600 - $557,800
382 two-bedrooms (677-781 SF) - $521,800 - $732,300
73 three-bedrooms (925 SF) - $695,900 - $813,300
Market-Rate Residences
54 one-bedrooms(605-640 SF) - $685,500 - $780,000
253 two-bedrooms (883-987 SF) - $893,500 - $1,099,000
86 three-bedrooms (1,075 SF) - $1,222,000 - $1,225,000
9 live-work lofts (1,084-1086 SF) - $1,222,000 - $1,225,000
Maintenance Fee ($0.68/SF)
Parking
1-bedrooms - 1 Parking
2-bedrooms, 3-bedrooms, Lofts - 2 Parking
All Affordable units come with 1 parking.
There will be additional parking stalls to purchase.
Market-Rate Residences have started accepting sales applications already. Buyers must reside in property for 1 year, be a US citizen or resident alien, and a resident of the state of Hawaii. A pre-approval letter is also required. Affidavits are due on 3/5/2023 to participate in the owner occupant lottery.
Kuilei Place Affordable Housing Program
Affordable units will have more guidelines set by the Hawaii Housing Finance and Development Corporation (HHFDC) that allows eligible and qualified applicants to purchase at below market prices.
Eligibility
1. First-time homebuyer or Qualified Resident
2. US Citizen or permanent resident alien
3. At least 18 years of age
4. Is domiciled in the State of Hawaii and will physically reside in the unit purchased
5. Does not own a majority interest (more than 50%) in a fee simple or leasehold property suitable for dwelling purposes anywhere in the world
6. Does not have income exceeding 140% AMI
7. Has sufficient gross income to qualify for the loan to finance the purchase
8. Has household assets for initial deposit and down payment
9. Demonstrates a need for affordable housing in accordance with state law
Income Limits
Affordable housing is for buyers earning 140% and below of the Area Median Income.
Asset Limit: None
Gift Funds: Are allowed to assist in the down payment. May not exceed 35% of the purchase price and must be from a relative.
Co-signing is allowed to help buyer qualify for the mortgage.
Deposit: $500 deposit is required at contract signing and the remainder of 5% minus the $500 after 30 days.
Buyback Program: The buyback program guarantees affordability for 10 years and grants HHFDC or a qualified non-profit first option to buy in case of sale or transfer during the first 10 years of ownership. Owner occupancy is mandatory during this time. The restriction ends 10 years from the recorded ownership transfer. Prior written HHFDC consent is required for certain property-related activities.
SAE Program: The Shared Appreciation Equity program is the sharing of the property's appreciation with the HHFDC in exchange for the buyer's opportunity to purchase at below market prices. SAE is calculated before closing and doesn't change after determined. Owner occupancy is required during this time and SAE does not expire. It must be paid and released by filing a release document at the Bureau of Conveyances. Owners can pay off the SAE any time after recordation, though they still are required to live in the purchased unit for a minimum of 10 years.
HHFDC Percentage Share or SAE Formula: The standard formula is: Original Fair Market Value (determined by appraisal prior to closing), minus Original Purchase Price, divided by Original Fair Market Value, and rounded to the nearest one percent.
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