Nā Hale O Maui Home to Remain “Affordable in Perpetuity”
Nā Hale O Maui has completed construction on a home that is the organization’s very first new home that will be “affordable in perpetuity and will never be sold at market price,” according to the organization’s executive director, John Andersen.
The home, which on the open market would sell in the low $600,000’s, is expected to be sold by NHOM in the high $300,000’s according to organization representatives.
The home is located on on Kama Street in Waikapū, and is a prototype for 12 NHOM land trust homes to be built in the Kahoma residential project in Lahaina, that is being developed by West Maui Land Company.
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.
John Andersen, executive director of Nā Hale O Maui, said the organization is “turning over a new leaf” by offering the property.
“This was always our goal—the building of new homes affordable in perpetuity through use of a sustainable lease agreement that can be passed on to one’s heirs and takes the cost of land out of the pricing and still provides all the benefits of traditional home ownership, including the development of home equity,” said Andersen in a press release statement.
According to the NHOM announcement, NHOM was able to place 30 families in 3 and 4 bedroom affordable homes over the past few years, despite the recession. Two more families are expected to be placed shortly for a total of 32 homes overall.
NHOM representatives say most homes have sold for under $300,000 and many were sold in the mid to upper $200,000 price range. “Other than Hawaiian Homelands, this is one of the largest number of families put in affordable housing by an organization in Maui County in recent years,” according to the NHOM announcement.
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.
“We desperately need housing on this island for our families and I believe in what they do,” said Sandra Duvauchelle the general contractor building the prototype Kama Street home. “I believe in their mission. I think they probably have the answer to affordable housing when all the rest of us, and a lot of the developers I have worked with, struggle with it. I am proud to be involved,” she said.
Duvauchelle’s company, Lehua Construction, will also build the 12 Kahoma project homes.
“We desperately need housing on this island for our families and I believe in what they do. I believe in their mission. I think they probably have the answer to affordable housing when all the rest of us, a lot of the developers I have worked with, struggle with it. I am proud to be involved,” Duvauchelle said in the announcement.
According to Andersen, 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.
“NHOM homes will be will be built with no corner cutting and only quality construction and materials. This building philosophy means that expensive repairs that a homeowner cannot afford will not be necessary for new homeowners who are typically on a tight budget,” said Andersen.
The next NHOM free Homebuyer Seminar will be held on Saturday, Nov. 14 at the J. Walter Cameron Center. Those interested in coming to the seminar to learn about the home ownership program can contact NHOM at (808) 244-6110. Registration starts at 8:45 with the program running from 9 to 10 a.m.