Market Units are now for sale. Click here to learn more about the best-priced units in Kaka’ako!

DISCLAIMER

Ililani (“Project”) is a proposed project that is being developed by Ililani, LLC that does not yet exist. All figures, facts, information and prices are approximate and subject to change at any time. All renderings, maps, site plans, photos, simulated views, floor plans, graphic images, drawings and all other information depicted in this website are illustrative only, and are provided to assist the purchaser in visualizing the units and the Project and may not be accurately depicted and may be changed at any time. Photos and drawings and other visual depictions of the Project and units contained in this website are artist renderings and should not be relied upon in deciding to purchase a unit. All amenities of the Project are proposed only, and any reference to amenities available to the purchaser is subject to change. Developer makes no guarantee, representation or warranty whatsoever that the units depicted in this website will ultimately appear as shown. To the extent permitted by law, Developer disclaims all liability that may arise out of errors or omissions in the content of this website, including any claims for actual or consequential damages. This is not intended to be an offering or solicitation of sale in any jurisdiction where the Project is not registered in accordance with applicable law or where such offering or solicitation would otherwise be prohibited by law.

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FLOORMAP

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Navigating the Affordable Housing process can be challenging. To help you understand if you are eligible and what some of the restrictions are, please check out the information videos below.

Ililani Eligibility

Navigating the Affordable Housing process can be challenging. To help you understand if you are eligible and what some of the restrictions are, please check out the information videos below.

Ililani Restrictions

AFFORDABLE HOUSING

Navigating the Affordable Housing process can be challenging. To help you understand if you are eligible and what some of the restrictions are, please check out the information videos below.

Ililani Eligibility

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Ililani Restrictions

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To sign up for a presentation about the project, Click here

FREQUENTLY ASKED QUESTIONS

What is HHFDC?

The Hawaii Housing Finance and Development Corporation (HHFDC) is the primary agency charged with overseeing affordable housing, financing, and development in Hawaii.

Their website is http://dbedt.hawaii.gov/hhfdc/

What are the benefits of HHFDC’s Affordable Housing?

  1. Allows eligible and qualified applicants to purchase at below market prices
  2. Homebuyers have an opportunity to live in town at a brand new development that fits their budget
  3. Household limitations (subject to the City and County of Honolulu ordinances)
  4. Shared Appreciation Equity (SAE) program is sharing a percentage of future net appreciation in the property with the state in exchange for the opportunity to purchase at below market prices.

What are the potential buyer’s procedures?

  1. Attend an optional educational seminar and receiveand Application Packet
  2. Fill out the Application Packet and meet with a preferred project Lender for pre-qualification
  3. Return the completed packet to the Sales Gallery by 5:00 pm on August 24, 2019
  4. HHFDC review of applications to determine eligibility
  5. Public Drawing
  6. Assignment of Property Selection Number (PSN)
  7. Unit Selection & Contract Signing

What are the income limits for HHFDC’s Affordable Housing?

Affordable Housing is for buyers earning 140% and below of the Area Median Income.

How do I know if I am eligible for HHFDC’s Affordable Housing?

The HHFDC will determine eligibility based on the information you provide in your Application Packet, including the following:

  1. US Citizen or permanent resident alien
  2. At least 18 years of age
  3. Resident of the State of Hawaii who currently resides in the State of Hawaii
  4. Shall physically reside in the unit purchased
  5. Does not own a majority interest (more than 50%) in a fee simple or leasehold property anywhere in the world
  6. Has sufficient gross income to qualify for the loan to finance the purchase
  7. Demonstrates a need for affordable housing

What is the deposit schedule?

The buyer will need to provide $500 at contract signing and the remainder of 5% minus the $500 after 30 days.

What is the Buyback Program?

The buyback program ensures the home remains affordable for a minimum of 10 years and gives the HHFDC or a qualified non-profit entity the first option to purchase the property in the event of a sale or transfer during the first 10 years of ownership. Owner occupancy is required during this period. The restriction automatically terminates 10 years from the date the deed transferring ownership to the buyer, is recorded.

What is the SAE Program?

SAE is Shared Appreciation Equity. This is the sharing of the property’s net appreciation with the HHFDC in exchange for the buyer’s opportunity to purchase at below market prices. The SAE percentage is calculated prior to closing and once determined, does not change.

Owner occupancy is required during this period. The SAE Program does not have a time limit. It must be paid to the HHFDC. Owner’s obligation under this program will be released after HHFDC is paid its share of the net appreciation in the property.

When is the SAE payable to HHFDC?

The SAE must be paid when the property is sold, transferred or rented. Owners may pay it off at any time after recordation.

What are the documentation requirements?

The HHFDC will require documentation to support the buyer’s application. Some examples are: current year tax returns, W-2, 2 months of paystubs, and a letter of pre-qualification from a Lender. Lenders will have different requirements to determine loan prequalifications.

How is HHFDC’s percentage share calculated?

The standard formula which 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.

If I am a single person, can I purchase a twobedroom unit?

Yes, you may select from any available unit (as determined by Lender pre-qualification letter) to purchase.

PROJECT LENDERS

Persons interested in the affordable units must meet all Hawaii Housing Finance & Development Corporation (HHFDC) eligibility and household income requirements with units subject to HHFDC’s Use, Sale and Transfer Restriction (Buyback) and Shared Appreciation Equity (SAE) Program restrictions. If you have any questions, please see our FAQ section.