By Wendy Osher
The non-profit Lokahi Pacific community development corporation broke ground on a new affordable housing complex in Happy Valley on Maui.
The project is located on Mokuhau Road behind Takamiya Market, and the Neighborhood Place of Wailuku on a 1.9 acre parcel purchased earlier this year.
The subdivision calls for the construction of 16 new three-bedroom/two-bath single-family homes.
The two-story residences will include 1,180 square feet of living space, with additional square footage for a covered entry, garage and enclosed laundry room.
The affordable homes will be priced at between $295,00 and $320,000, according to information provided by Lokahi Pacific.
The organization notes that this is lower than the $417,800 price tag for a 3BR/2BA home as outlined in Maui’s Affordable Sales Price Guidelines for 2014, at 4.5% interest, in the 100% median income category.
It’s also significantly lower than the $570,000 median price tag for an average single family home in Maui County, as outlined in the September 2014 report released by the Realtors Association of Maui.
Representatives with Lokahi Pacific say that in order to qualify for consideration, home buyers will be subject to First Time Home Buyers guidelines, occupancy requirements, resale restrictions relative to the County of Maui’s Affordable Housing Program, and other applicable funding sources.
The homes will be offered fee-simple to qualified Maui residents with household incomes at 81% to 120% of the area median income.
Site work on the project began in September, and is expected to take 18 months to complete.
According to Lokahi Pacific representatives, the project is slated for completion and should be ready for occupancy in February 2016.
The parcel, located at 2023 Mokuhau Road, was acquired from the descendants of the Gouveia family, who owned the property since the 1800s.