Nā Hale O Maui today announced the completion of its Kahoma permanently affordable workforce housing project in Lahaina.
NHOM initiated efforts to purchase 12 finished lots from West Maui Land in 2012 to build truly affordable houses for island families who work and/or live in West Maui. The effort was delayed several years by a contentious court battle against the Land Use Commission over development entitlements.
NHOM was finally able to purchase the lots, plan and build the homes; then, just as Nā Hale brought the project to market, the pandemic hit.
“Despite the devastating impact on West Maui, especially vacation- related businesses and their employees, Nā Hale was able to successfully qualify families for each of the homes. Many buyers were state and county employees,” according to NHOM.
“Thankfully, we were able to complete the project, meet the terms of the construction loan, select and place homeowners within the parameters we had originally set,” said Cassandra Abdul, Executive Director. “Firemen, educators, highways crew members and other deserving families were able to qualify for a mortgage and purchase their homes at below market prices.”
Nā Hale O Maui is able to sell homes at below-market prices by keeping the land in trust, subject to a 99-year lease with the homeowner. The 12 three- and four-bedroom homes at Kahoma, which appraised between $745,000 to $800,000, were purchased between $390,000 to $460,000, with 3% down.
One fortunate homebuyer received a County of Maui Down Payment assistance grant. Nā Hale O Maui provided three homebuyers Matching Down Payment Assistance Grants based on need.
Nā Hale now holds title to the leased land under 46 single family homes around Maui.
Nā Hale O Maui, a grassroots, membership-based nonprofit, works closely with low- to moderate-income households in Maui County. Families complete a four-step program to become eligible to purchase Community Land Trust homes that remain affordable in perpetuity.
For the past 14 years Nā Hale has helped Maui workforce families achieve their dream of homeownership by buying and rehabilitating existing houses or building single-family homes that are sold to qualified working families at truly affordable prices that are often lower than local rents.
Cassandra thanked Maui County for contributing approximately $2.4 million that will remain invested in the properties in perpetuity; NAREIT Hawaiʻi for a $100,000 donation; Mākena Golf & Beach Club for hosting 3rd Annual Charity Golf Tournaments that provided approximately $115,000; as well as supporters, donors and volunteers.
HomeStreet ((stet)) Bank provided the construction loan and kept faith in Nā Hale O Maui’s ability to bring the project to a successful completion despite the pandemic’s economic impact.
“West Maui Land Company provided finished lots at below market prices and development costs, making Nā Hale O Maui truly affordable workforce project possible,” according to the organization.
Nā Hale O Maui has a mission to secure and provide a permanent supply of affordable housing alternatives for low- and moderate-income households in Maui County, and is actively seeking opportunities to build other projects like the one at Kahoma.