Affordable Housing

OTHER REQUIREMENTS

• Applicant must be at least 18 years old and a citizen of the U.S. or a resident alien living in the State of Hawaii, with a bona-fide intent to physically live in the unit for sale for the duration of the “restriction period.” (This will most likely be 10 years)
• No buyer or household member owns or has not owned a majority interest in ANY residential real estate for a period of 3 years prior to application. *Some exemptions may apply, but at the state’s discretion.
• Total assets of those in household must not exceed the price of the unit being purchased. *Some exemptions may apply at state’s discretion.
• Must not have previously received assistance from a State or County agency to purchase an affordable housing unit. Some exceptions apply.
• Must have sufficient income to qualify for a monthly mortgage payment that does not exceed 33% of the gross monthly household income
• Household size limitations: The Affordable Housing Rules specify a minimum and maximum occupancy for (Studio) units of 1-2 persons, (1) bedroom units of 1 – 3 persons, (2) bed units of 2 – 5 persons, and (3)-bed units of 3 – 7 persons. Following an initial minimum marketing period of 90 days, DPP may consider, on a case by case basis, single member income qualified households as to 2 bedroom units.