Nā Hale O Maui Hosts Blessing for Home That Will Remain “Affordable in Perpetuity”March 21, 2016, 7:14 AM HST · Updated March 21, 7:22 AM 0 Comments
Nā Hale O Maui, an affordable housing program on Maui hosts a blessing and open house today for its first home on Kama Street in Waikapū. The land trust home will be affordable in perpetuity, and will never go onto the open market.
This is the first home built by the organization and is a pilot project for 12 homes planned to be built in the Kahoma residential project area of Lahaina at a later date.
Nā Hale O Maui currently has 32 families in land trust homes with renewable leases that will remain affordable in perpetuity.
Construction on the Kama Street home was completed in November. At the time, NHOM representatives said that on the open market the home would sell in the low $600,000’s, but anticipated that it would be sold in the high $300,000’s.
The home is a 4 bedroom 2 and 1/2 bath residence that has 1,600 sg. ft. of living area with an additional 350+ sg. ft. when the garage and lānai are included.
The NHOM private-nonprofit partnership with West Maui Land Co. also includes a separate individual agreement between West Maui Land Co. and Habitat for Humanity in which 10 homes will be built for families earning below 80% of the median income. NHOM will be building 12 affordable homes for families earning from 80% to 120% of the area medium income.
Organization leaders say the Kama Street home and the others that follow it are expected to join 100 or more affordable homes over the next few years as NHOM continues to expand and work with the private sector.