Updated at 1:45 a.m., Thursday, July 12, 2007
Affordable housing to go on sale Saturday
Advertiser StaffAs part of a partnership with the Hawaii Housing and Finance and Development Corporation (HHFDC), Castle & Cooke will begin sales on one of the larger affordable housing communities in the Ewa region Saturday at 9:30 a.m.
The first of three neighborhoods in Kapolei, Nohona will include 118 multi-family attached two- and three-bedroom town homes. The completion of the first homes is expected mid-2008. Future residential communities in Kapolei Villages will offer a combined total of 476 affordable housing units for sale and rent.
HHFDC selected Castle & Cooke to build the communities at a total projected cost of $118 million. The funding for the project involves private financing, state tax credits and general excise tax exemptions. The HHFDC is contributing the land and major infrastructure improvements. Construction of the three communities is expected to be completed by the end of 2009.
Qualified families earning 100 percent or below of the area median income (AMI) are targeted for the rental units, while qualified families at 140 percent and below of the AMI will have an opportunity to be first-time homebuyers. All are subject to HHFDC renter and first-time buyer guidelines. All renters and buyers in these new affordable communities will be members of the Villages of Kapolei Master Community Association and have access to association recreational facilities.
Interested residents should visit www.castle-cooke.com to sign up for notification announcements and newsletters.