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Affordable Housing Project Kahoma in Lahaina Finally Complete
Na Hale O Maui has been working since 2012 to realize their dream of creating a permanently affordable workforce housing project in West Maui. The project is called Kahoma, and as of this month it is officially complete after years of challenges and obstacles to overcome.
Na Hale O Maui began the process by purchasing 12 finished lots from West Maui Land in 2012 on which they planned to build Kahoma. After a lengthy court battle that lasted several years with the Land Use Commission regarding development entitlements, Na Hale O Maui prevailed and officially purchased the lots. After plans and construction were completed, however, the unprecedented COVID-19 pandemic came to Hawaii.
Despite the pandemic and the economic collapse that happened in Hawaii following the shutdown, Na Hale O Maui was able to qualify families for all of the new homes. When asked who would be living in the new development, the Executive Director of Na Hale O Maui Cassandra Abdul had this to say, “Thankfully, we were able to complete the project, meet the terms of the construction loan, select and place homeowners within the parameters we had originally set. Firemen, educators, highways crew members and other deserving families were able to qualify for a mortgage and purchase their homes at below market prices.”
Na Hale O Maui is able to sell these homes way below market value, because they essentially function like a leasehold property. They keep the land in trust, and sign a 99 year lease with the homeowner. Using this method the 12 homes at Kahoma, which appraised between $745,000 to $800,000, were purchased between $390,000 to $460,000, with 3% down.
Na Hale O Maui will continue their efforts to provide affordable housing for working families, and as of 2020 they hold the title to leased land under 46 different homes around Maui. Be sure to check out their website so you can be up to date on their latest projects.
