Posted on: Friday, December 10, 2004
Maui affordable-homes project now under way
By Andrew Gomes
Advertiser Staff Writer
The master developer of the Central Maui residential community Kehalani is getting ready to develop the project's affordable-home component after a roughly year-long delay.
Kehalani Gardens, comprising 114 townhomes priced from $240,000 to $325,000, is expected to provide a much-needed boost for moderate income families on the Valley Isle to own a home.
Maui has faced some of the worst shortages of affordable housing in the state. The median price of previously owned condominiums reached a record $365,000 in October, meaning half sold for more and half for less. The median single-family home cost $607,500, higher than any other island.
Kehalani Gardens developer Stanford Carr last year had anticipated the project breaking ground in November 2003 at prices about $100,000 less, but the rise in property values over the last year still makes the project "affordable" by Maui County standards.
To qualify to buy the 2- to 3-bedroom Kehalani Gardens units, a prospective buyer's household income may not exceed $84,980, which is 140 percent of Maui's median family income.
Buyers also must live in the unit for at least two years, and are restricted from renting or selling the unit, among other things.
Carr, a member of Gov. Linda Lingle's Affordable Housing Task Force, said that when he planned Kehalani he made a commitment to provide a range of housing that included entry-level homes.
"I was born and raised on Maui," he said in a statement. "I know how families struggle to save enough money to buy their own home — only to learn that prices have risen beyond their ability to pay."
Lingle in a statement said Carr is leading by example: "This is the type of commitment it takes to build more affordable housing for Hawai'i's families. I hope others will use Kehalani Gardens as an example of what the private sector can do to help resolve our statewide housing shortage."
Carr plans to hold a lottery to sell Kehalani Gardens units. The deadline to register is Dec. 13.
When completed, the entire Kehalani development is expected to include 2,400 homes on 540 acres of land.
Reach Andrew Gomes at 525-8065 or agomes@honoluluadvertiser.com.
