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Nonprofit flipping Hawaii homes without profit to produce affordable housing

  • CRAIG T. KOJIMA / CKOJIMA@STARADVERTISER.COM
                                Hawaii HomeOwnership Center, a Hawaii nonprofit, is buying homes and selling them to lower-income first-time home­buyers. Above, Pono Suganuma bought her Ewa home for $299,500, less than the $330,600 that the nonprofit paid.

    CRAIG T. KOJIMA / CKOJIMA@STARADVERTISER.COM

    Hawaii HomeOwnership Center, a Hawaii nonprofit, is buying homes and selling them to lower-income first-time home­buyers. Above, Pono Suganuma bought her Ewa home for $299,500, less than the $330,600 that the nonprofit paid.

  • CRAIG T. KOJIMA / CKOJIMA@STARADVERTISER.COM
                                Local nonprofit Hawaii HomeOwnership Center sold the middle townhome unit at Palm Villas II in Ewa, above, to 24-year-old Pono Suganuma for less than it bought it for. The nonprofit’s program is open to first-time homebuyers with household incomes up to 120% of a county’s median income.

    CRAIG T. KOJIMA / CKOJIMA@STARADVERTISER.COM

    Local nonprofit Hawaii HomeOwnership Center sold the middle townhome unit at Palm Villas II in Ewa, above, to 24-year-old Pono Suganuma for less than it bought it for. The nonprofit’s program is open to first-time homebuyers with household incomes up to 120% of a county’s median income.

Buying a home, renovating it and then selling it for less is not a good business model for flipping residential real estate. Read more

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