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Here on the island, many residents flock at the chance to buy Affordable Housing projects. Here on Oahu, there are two main programs - Affordable Housing and Reserved Housing. Both allow buyers to purchase units at below-market prices but have different rules, restrictions, and are administered by different state agencies. The Hawaii Housing Finance and Development Corporation (HHFDC) is in charge of Affordable Housing and The Hawaii Community Development Authority (HCDA) is in charge of Reserved Housing.
The Hawaii Housing Finance and Development Corporation (HHFDC) is the primary agency that is in charge of overseeing affordable housing, finance, and development in Hawaii. Their website is: http://dbedt.hawaii.gov/hhfdc/
What are the benefits of HHFDC Sponsored Affordable Housing?
Allows eligible and qualified applicants to purchase at below-market prices, likely creating built-in equity
What are the buyer's procedures
The HHFDC will require documentation to support the buyer's application. Some examples are - Current year tax returns, W-2(s), 2 months of pay stubs, and a Pre-Qualification letter from one of the preferred project lenders. Lenders will typically have different requirements to determine loan pre-qualification.