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Lottery Held for Gap Group Housing at Keola La'i
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lottery was held on December 19 to offer the public the opportunity to
purchase 63 condominium apartments at below-market prices in Keola
La‘i, a 42-story fee simple residential condominium being constructed
in Kaka‘ako. There were 605 lottery entrants for the 63 'gap
group' units to be sold to eligible homebuyers in accordance with
Hawaii Community Development Authority’s (HCDA) Reserved Housing
policy. The lottery determined the priority of
selection for the 63 apartments.
Keola La‘i, being developed by A&B Kaka‘ako LLC, is now under
construction at the corner of South and Queen Streets. The 63 gap
group housing units to be sold include 14 one-bedroom residences
and 49 two-bedroom units. The one-bedroom units will average 675
square feet in size with prices starting at $275,000. The
two-bedroom units will average 900 square feet with prices starting at
$340,000. All residences will have one assigned parking stall
each. The building is targeted for completion in the first
quarter of 2008.
Applications were accepted at the Keola La‘i sales office at 676 Queen
Street from November 26, 2006 to December 10, 2006.
“This is a tangible example of how HCDA is continuing to fulfill its legislative mandate of bringing the strengths of private enterprise, public development and regulation to deliver affordable residences to Hawaii’s people,” states HCDA Chairperson Michael Goshi. “These units join the over 1,300 for-sale and rental units that HCDA has already developed under public-private partnerships within Kaka‘ako and further reinforce the vision to make Kaka‘ako the most desirable urban place in Hawaii to work, live, learn and play.”
A Note About Eligibility Requirements
HCDA’s reserved housing program guidelines require applicants to meet certain eligibility standards including, but not limited to, Hawaii residency, a maximum family income of $94,850 ($84,688 for singles) and no ownership of a principal residence in the past three years. In addition to the eligibility requirements, individuals must have resources for a down payment and the ability to qualify for a mortgage. Under HCDA’s program, which is intended to provide long-term housing, certain ownership conditions and restrictions will apply to eliminate speculative purchases, including a two-year HCDA buy-back period and a shared equity provision with no time limit. Owners will also be required to certify that they will occupy the unit and rental of the unit is not permitted.