Honolulu Affordable Housing

See some of our FAQs below!

Affordable housing in Honolulu is certainly in short supply. When developers offer them for sale, often because they are required to by state law, hundreds and often thousands apply for the very limited supply. The Ala Moana neighborhood will go through a high-rise boom over the next five years where we could see four or five more residential towers along with some rentals and possibly even a condo-hotel. Each of these projects will offer some sort of Affordable Housing whether it be in the form of rentals or for sale units. Some of the projects with affordable housing coming on the market can be found on the right side sidebar. 

To see if you're qualified, take a look at some of the FAQs for affordable housing. 

What is HHFDC?

The HHFDC or Hawaii Housing Finance and Development Corporation is the agency that oversees all of the affordable housing in Hawaii. They also oversee the financing and development of the affordable of the actual affordable housing units as well. 

What are the benefits of HHFDC's Affordable Housing?

  • The program allows eligible and qualified applicants to purchase below market pricing
  • The opportunity to own and live in a new construction project in town

What are the income limits for Affordable Housing?

Unlike Reserved Housing that goes up to 140% of AMI (area median income), that is overseen by the HCDA in parts of Kakaako, the affordable housing program only allows income up to 120% of AMI. See below for 2018 AMI. Find your household size at the top of the chart. 

Honolulu Area Median Income

Are you eligible for Affordable Housing?

Ultimately the HHFDC will determine if you're eligible for Affordable Housing based on information you provide on your application. Applications are made available on a project by project basis. Some of the requirements are:

  • US Citizen or permanent resident alien 
  • 18 years or older
  • Resident of the State of Hawaii and currently resides in the State of Hawaii
  • Must live in the unit
  • Does not a majority interest (more than 50%) in a fee simple or leasehold property anywhere in the world
  • Has sufficient gross income to qualify for the loan necessary to finance the purchase

What is the deposit required?

The Buyer will have to provide $500 at contract signing and the remainder of 5% of the purchase price minus $500 after 30 days. 

What is the buyback program?

Anyone purchasing an Affordable Housing unit is required to be an owner for 10 years. The buyback program gives the HHFDC the first right of refusal to purchase the unit back in the event of a sale or transfer during the first 10 years of ownership. Owner occupancy is required during this 10 year term. At the end of the 10 years the restriction terminates.

What is the SAE program?

SAE is shared appreciation Equity.  The HHFDC provides the opportunity for you to purchase at below market prices. In turn when you sell your unit you will share some of the net appreciation back with the HHFDC to help fund future projects. The SAE is determined prior to closing and once determined, will never change. 

Are you ready to buy?

The Central Ala Moana is most likely the next project to offer Affordable Housing units. It's a great project with very large floor plans which is great, especially if you're going to be living in the unit for the next 10 years.