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Monday, May 13, 2024
Black Sand, Kobayashi First to benefit from DEP 'Affordable Housing' Scheme
By News Release @ 9:07 PM :: 1253 Views :: Honolulu County, Ethics, Development

Kuilei Place to Become First Project in Hawaiʻi to Participate in State’s Inaugural DEP Pilot Program

The program makes it possible for health care workers, educators, law enforcement officers, and agricultural field workers to own a two-bedroom residence with abundant amenities at a reduced price

News Release from Kuuilei Place, May 13, 2024

HONOLULU, HI (May 13, 2024) — Kuilei Place, a new condominium development nestled within Diamond Head, Waikīkī and Kaimukī, has become the first project in Hawaiʻi to be approved as a participant in the state's inaugural Dwelling Unit Revolving Fund Equity Pilot (DEP) Program. The DEP Program, initiated by the Hawai‘i Housing Finance and Development Corporation (HHFDC), aims to address the critical labor shortage in the state by creating more opportunities for home ownership. Kuilei Place offers a unique chance for health care workers, educators, law enforcement officers, and agricultural field workers, to own a two-bedroom residence with abundant amenities at a reduced price starting from $523,400.

“The objective of HHFDC’s Dwelling Unit Revolving Fund Equity Pilot Program is to create more homeownership opportunities for qualified purchasers, and particularly those who work in professions with critical shortages in the state,” HHFDC Executive Director Dean Minakami said. “Kobayashi Group, which is using the DURF Equity Pilot Program to assist those homebuyers at the cusp of qualifying to purchase at Kuilei Place, is hopefully the first of many developers with for-sale projects who will take advantage of the pilot program to attract new homeowners.”

Qualified buyers stand to benefit from a significant reduction in the purchase price, thanks to HHFDC's purchased equity contribution of $103,300. This subsidy is provided in the form of a loan carrying a nominal 1% annual interest rate and involves sharing a percentage of net appreciation with HHFDC. However, due to the pilot nature of the initiative, available residences are extremely limited, and approval is granted on a first-come, first-served basis.

(CLUE: Read Act 91 of 2023 expires in 2028.)

“This pilot program presents an exceptional opportunity for first-time homeowners to receive assistance in purchasing their first home in Hawaiʻi. Kuilei Place is honored to be the first participant in the state’s inaugural DEP program to give those working in careers with a critical labor shortage a chance of owning a home and staying in Hawai‘i,” said Alana Kobayashi Pakkala, Executive Vice President of Kobayashi Group. “We know the challenges of home ownership in our islands and are grateful for the support of Hawai‘i's pioneering DEP program, giving kama‘āina a chance to own a piece of paradise at Kuilei Place. We hope that Kuilei Place can serve as a model for future residential projects to create innovative opportunities for kama‘āina to own homes in Hawai‘i.”

To determine eligibility for the DEP program at Kuilei Place, interested individuals are encouraged to visit Kuilei Place's DEP Program page.

Renderings available to download here (Courtesy Kuilei Place).

Kuilei Place is expected to break ground in 2024 with an anticipated completion date of early 2027. The project is a partnership between BlackSand Capital and Kobayashi Group, that will include more than 1,000 homes. The 3.15-acre site is located on the corner of Kapiʻolani Boulevard and Mahi‘ai Street in Mōʻiliʻili. For more details, visit our website at www.kuileiplace.com and follow Kuilei Place on Facebook, Instagram, and YouTube for the latest news and updates, all with the profile name @kuileiplace.

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About Kuilei Place

Nestled among Diamond Head, Waikīkī and Kaimukī is a vibrant community in the making. With the most sought-after schools, beaches, parks and restaurants just minutes away, easy access to the best of Honolulu is always within reach. At Kuilei Place, a new condominium development, thoughtfully designed amenities, world-class interior design and a commitment to sustainability and wellness allow residents to thrive. With expansive floor-to-ceiling windows, owners of the one-, two- and three-bedroom homes will be greeted with stunning views of Diamond Head and the Ko‘olau Mountains. Kuilei Place believes in the beauty of balance with a building designed to enable work, family, and play to harmonize, aligning with a lifestyle that’s second to none. For more details, visit our website at www.kuileiplace.com and follow Kuilei Place on Facebook, Instagram, and YouTube for the latest news and updates, all with the profile name @kuileiplace.

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