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Koa Ridge Affordable Housing For Sale

Have the sales prices blown your mind lately and wondering how on earth you could afford to purchase a home now? With the median sales price of homes at almost $1,000,000, the local market is getting priced out. With that said, every time there is an opportunity to snag an affordable housing, reserved housing or workforce housing unit for sale, I try hard to get my clients into these deals. Keep reading to learn more about Koa Ridge and their affordable offerings. They aren't for everyone but for the person(s) eligible and who can qualify, I say go for it and see what lottery number you get! You just never know until you try and we can help you through the process because it's a passion of ours, your Smart Living Hawai’i Real Estate team. We focus on Hawaii's Sustainable Initiatives and when it comes to real estate that is: Affordable Housing, Green & Sustainable Building/Sales, Smart Homes & Agricultural/Sustainable Land Acquisitions.

Okay so this project is NOT located in town but in Waipio area. For those who know where the Waipio Costco is, it's literally across the street and all that construction you have seen over the past couple of years, well, that's Koa Ridge by Castle & Cooke Homes Hawaii. A town between Pearl City and Mililani off the H-2 freeway. They have single family homes and townhomes at prices that ranged from $700s-$1M+ and they also have these affordables for sale called the Malina Townhomes. This is the 3rd release of affordables and you need to act fast as the applications have already been released and completed applications are due on October 13, 2021 at 5:00pm. This is not an HCDA project like the recent blog I just did on Ulana Ward Village but still a City Affordable Housing Project with slightly different rules.

Here are the specs on Koa Ridge's Malina Phase III:

  • 1, 2 & 3 bedroom Townhomes

  • Open Floor Plans

  • Sheet Vinyl & Carpet Flooring

  • Stack Washer/Dryers

  • AC Unit System

  • USB/USB-C outlets in Kitchen

  • Smart Home Panel

  • Covered Front Entry

  • Lower Maintenance Fees

  • Koa Ridge Community Amenities

  • NO Shared Appreciation/Shared Equity! This is huge! This means after your 10 year term you do NOT have to payback any money to the city like most affordables require.

Estimated Maintenance Fees:

1 Bedroom: $223.18/mo

2 Bedrooms: $377.63--$379.47/mo

3 Bedrooms: $494.50/mo

Prices for all units for sale:

Eligibility and Qualifications:

  • U.S. Citizen or permanent resident alien

  • Resident of the State of Hawaii

  • At least 18 years of age

  • Must not have owned, for one year proceeding the application date, majority interest in a fee simple or leasehold property.

  • Must not have previously received assistance under a city affordable housing program.

  • Must not have previously purchased under a state or city agency affordable housing program.

  • Must be an owner-occupant during the restriction period.

  • Total household income must not exceed the the allowed annual household income. Income Limits are set for 2021 at 120% Area Median Income, AMI and listed below are these limits and amount of bedrooms allowed per household.

1 Person: $101,520 | 1 Bedroom

2 Persons: $116,040 | 1& 2 Bedrooms

3 Persons: $130,560 | 1, 2 & 3 Bedrooms

4 Persons: $144,960 | 2 & 3 Bedrooms

5 Persons: $156,600 | 2 & 3 Bedrooms

6 Persons: $168,240 | 3 Bedrooms

7 Persons: $179,760 | 3 Bedrooms

  • Must have sufficient gross household income to qualify.

Restrictions and Buyback Program (10 year restriction on use, sale and transfer):

  • Owner-occupied as principal residence for 10 years

  • If before 10 year term is up, the city has option to purchase the property or require purchaser to sell to "qualified resident," if purchaser wishes to transfer title.

  • During the 10 year term, only mortgages and liens consented to in advance by the city may be placed on the property.

There are some tight restrictions on qualifying, not only based off of your income but also on your debt to income ratio as well which leaves a very thin margin for people to actually fit this purchase. With that said, it is best to reach out to your favorite preferred lender working on the Malina Townhomes. Keep in mind that not all lenders on the Koa Ridge work on the affordable sales, make sure to check with them first. If you are going to apply for this one and also Ulana, it would behoove you to find a lender who is currently working on both projects so you don't have to submit everything twice to two different lenders. If you need help with finding that right lender, any of this or all of it, we are here! We are experts at working on affordable housing and reserved housing and if we don't know the answer, we know where to get it!

Your next steps would be to watch Malina's Eligibility Video, download the application and connect with a lender right away! Visit Castle & Cooke's website to get started: CLICK HERE . I hope you found this beneficial and I would be happy to continue to assist and represent you should you feel comfortable working with me and our team! It doesn't cost you more to have a buyer's agent, therefore it would be to your advantage to have someone guiding you along your home purchasing journey. Let's jump on a call today, there are always so many questions!

Christina Laney Mitre



*All photos and renderings of Castle & Cooke's Malina Townhomes is credited to Castle & Cooke Homes Hawaii.


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