Ulana is the ninth tower in Howard Hughes' Ward Village - a 60-acre master planned community located in the urban core of Honolulu. This 41-story 400 foot building will consist solely of reserved housing units. Reserved housing is similar to affordable housing, but under a different state agency with slightly different rules and regulations. Ulana will feature floor to ceiling windows, a 9 story detached parking structure, and a variety of amenities throughout the project. The building will on the ewa side of Ward Ave and will be bordered by Auahi, Kamani, and Pohukaina Street. The building will have ground floor retail along Pohukaina and will have a park on the Diamond head side of the building. Ulana is designed by Architects Hawaii LTD and the interior is designed by InForm Design, Inc. The units will be sold via lottery to qualified residents of the State of Hawaii who do not own majority interest in any property and falls within area median income and asset guidelines set by HCDA.
*Starting Soon - Register Below To Be Kept Up To Date*
Ulana will feature 697 units total. There will be studio, 1-bedroom, 2-bedroom, and 3-bedroom units. Ulana will have the same floor plate throughout the tower and will be built to 400ft with the top floor being 41. Stay tuned for more information!
Reserved Housing Units: 697
Market Units: None
Total Units: 697 (696 residences for sale + 1 resident manager unit)
Prices: $271,000 to $717,400
*Please note that unit count and prices are subject to change and may be changed at any time per the developer*
Maintenance Fee: Coming Soon
Ulana at Ward Village will feature floor to ceiling glass windows with modern interiors and 8 ft high ceilings throughout. The interiors will feature a PTAC air conditioner similar to Ke Kilohana. A PTAC air conditioner is a self contained standalone AC that is installed through a wall. These ACs don't require any ducts to operate and won't be visible from the exterior.
Ulana will have its main residential entrance from Auahi street and the ground floor retail will be along Pohukaina Street. There will be a park for the public to enjoy along Kamani Street. Inside Ulana, you will find all amenities on the ground floor of the building. There will be a variety of amenities from BBQ grills and Patio Cabanas alongside the Ulana lawn/green space, a fitness room, shared work areas, Keiki play area, and much more. The building will also have bike and surfboard storage areas.
If you are interested in getting a unit at Ulana, you must meet certain eligibility requirements in addition to income and asset limits. Ulana falls under the 2005 HCDA Mauka Area Rules. Listed below are the eligibility requirements:
Interested applicants must fall below the 140% area median income (AMI) based on your household size. You also have to have assets under 125% of the area median income. Included under assets are: cash, securities, real and personal property at fair market value (CDs, stocks, and mutual funds). Items Excluded under assets are: gift funds or retirement accounts (401K, IRA, Life Insurance).
In the event you meet the AMI limit, but don't meet the lender's pre-qualification standards, you can get assistance to qualify from a Co-signer - which can be from any person but they cannot be on title. You can also get a Gift Letter for the down payment. The gift letter however must be from a relative, but there is no limit on the gift letter. The person giving the gift letter cannot be on title and cannot be a cash transfer to the applicant.
Buyback and Shared Equity
Whenever you buy a reserved housing unit, there will be an HCDA buyback as well as shared equity requirement. This is put in place to allow for buyers to buy these units below market value and will be subject to 2, 5, or 10 years depending on the unit. If you sell prior to your regulated term, HCDA has the first right to buy the unit back from you. If they do buy it from you, they will then sell it to another eligible buyer. When it comes time to sell your unit, you will also need to pay back the shared equity amount which is the market price minus the reserved housing price. This is in place to subsidize other future reserved/affordable housing projects.
Reserved Housing Example:
A reserved housing price for a unit is $450,000. The original appraised value for the home was $550,000. Your shared equity equals $100,000. When you decide to sell your home in the future, you sell it for $650,000. In this scenario, HCDA gets $100,000 and you as the seller keeps the other $100,000.
When buying a HCDA reserved housing unit, there are a few restrictions on the type of unit you can buy based on house hold sizes. A single applicant (1 person household) can only purchase a studio or 1-bedroom unit. If you want to purchase a 2-bedroom unit you need a household of 2 that meets the income and asset qualifications. If you want to purchase a 3-bedroom unit you need a household of 3. Individuals under the age of 18 count towards a household size. There are also maximum occupancy rules shown below. So for example, a household of 4 can buy a 2 or 3 bedroom unit, but cannot buy a studio or 1 bedroom. Below are the unit occupancy limits:
Ulana at Ward Village will be located on the Ewa border of Ward Village and will be bordered by 3 streets - Auahi, Kamani, and Pohukaina Street. This reserved housing building will be the closest distance to the ocean and is almost a 2nd row building like The Park Ward Village, Koula, and Anaha.