In order to be eligible for a Hoku’ula residential workforce housing unit, an applicant must meet the following criteria:
- Be a citizen of the United States or a permanent resident alien who is a resident of the County.
- Be eighteen years of age or older.
- Have a gross annual family income (not to include the income of minors) which does not exceed one hundred forty percent of the County’s area median income as established by HUD, or as adjusted by the department, for Hana, Lanai, and Molokai. Initial determination for compliance with the maximum gross annual family income provision shall be made by the developer, its partner, or its management company for the initial sale of residential workforce housing units, on the basis of the information provided on the ownership application. The ownership application will be completed when a specific unit is being considered. Final determination for compliance with the maximum gross annual family income provision shall be made by the prospective lender at the time the applicant’s income verification data is received.
- Have assets that do not exceed one hundred forty percent of the County’s area median income as established by HUD, or as adjusted by the department, for Hana, Lanai, and Molokai. Assets shall include all cash, securities, stocks, bonds, and real property with the understanding that assets being used for the down payment or closing costs shall not be included in the asset calculation. Real property shall be valued at fair market value less liabilities on such real property.
- For a period of three years before the submittal of the ownership application, have not had an interest of fifty percent or more in real property in fee or leasehold in the United States, where the unit or land is deemed suitable for dwelling purposes, unless the applicant is selling an affordable unit and purchasing a different affordable unit that is more appropriate for the applicant’s family size.
- Pre-qualify for a loan with the applicant’s choice of lender.
Developer, its partner, or its management company shall verify that each applicant meets the requirements of eligibility set forth herein.