Nā Hale O Maui Takes Possession of 12 100% Affordable Housing Lots in LahainaApril 14, 2017, 6:41 AM HST · Updated April 14, 6:42 AM 0 Comments
Nā Hale o Maui has purchased 12 lots in the Kahoma Homes 100% workforce housing subdivision being developed by West Maui Land.
The community land trust builds new homes that are intended to be affordable in perpetuity through use of a sustainable lease agreement that can be passed on to one’s heirs. The idea is to take the cost of land out of the pricing and still provide all the benefits of traditional home ownership, including the development of home equity.
Nā Hale o Maui hopes to have the first permanently affordable, sustainable leasehold homes sold and families moved in by mid-2018.
Half of the funds to purchase the lots were provided by Maui County’s Affordable Housing Fund, administered by the Department of Housing and Human Concerns, and approved by the Maui County Council. The balance of the lot cost came from internally generated resources.
Families making between 80.1% to 100%% and 100.1% to 120% of the area median income will be income qualified to apply. Applicants must also attend a four-step orientation program before submitting an application.
Cassandra Abdul, Nā Hale o Maui’s Executive Director today announced that NHOM has taken possession of the lots. “This means we now own the land and can move forward with house designs and then begin construction in the near future.”
West Maui Land Company sold the lots to NHOM for a substantial discount from the prevailing market prices, making NHOM’s truly affordable homes possible.
NHOM plans to design 3- and 4-bedroom homes under the residential workforce housing guidelines.
An announcement will be made when applications will be taken.
NHOM’s mission is “To secure and preserve a permanent supply of affordable housing alternatives for low and moderate income households in Maui County.”
Founded in 2006, NHOM is Hawaiʻi’s first and only housing land trust.