Mahalo for supporting Honolulu Star-Advertiser. Enjoy this free story!
Potential homebuyers living in Waikoloa now have the option of buying into an affordable housing community being developed by Hawaii County, which Mayor Billy Kenoi will unveil Friday.
Four model homes are complete, and pre-sale of homes is set to begin in December.
The first eight-home increment will be available within the $43.9 million Kamakoa Nui community of bungalows and single-family homes. Prices will range from $240,000 to $325,000.
The 23 bungalows will be one- and two-story units with two to three bedrooms, two and 21⁄2 baths, and 1,108 to 1,482 square feet of living space.
The 68 one-and two-story single-family homes will have three bedrooms, with a choice of two or 21⁄2 baths with 1,361 to 1,512 square feet of living space.
To qualify, buyers must live within a 30-mile radius of Kamakoa Nui, have an income of between 80 and 140 percent of the area median income, and have not owned a home within the past three years.
A family of four must have an annual income of $57,920 to $96,180 to qualify.
To discourage speculation and to help keep them affordable, owners who decide to sell within 15 years of their initial purchase must share with the county any profits from the resales.
76