Waimanalo Village
residents get home-
buying aid

The state is working with a private agency to help renters at Waimanalo Village purchase their homes, calling it a "dream come true" for families.

The state Housing and Community Development Corp. of Hawaii's Affordable for Sale Program is making 38 units available to current residents.

The prices for the two-, three- and four-bedroom leasehold single-family homes range from $112,500 to $135,000.

"By not having to pay the increasing cost of Hawaii's land, families are able to qualify as homeowners," said Stephanie Aveiro, executive director of the HCDCH.

"If it were not for the Affordable for Sale Program, many of these families would never have had the chance to own a home," she said.

So far, 22 homes have been sold. The buyers are low- and moderate-income families who earn 140 percent and below the median income for Honolulu.

For example, at 140 percent a one-person family income would be $66,400, and a four-person family income would be $94,850.

Residents interested in buying their homes must qualify for grants and mortgage loans without state assistance.

Proceeds from the sales will go toward paying the current mortgage held by the Waimanalo Village Residence Corp., building a community recreation center and renovating remaining rental units.

The HCDCH holds the master lease to Waimanalo Village with Hawaiiana Management Company Ltd. as managing agent.

For more information, call Georgina Lopez, housing information specialist at the HCDCH, at 587-0556.