Nonprofit celebrates completion of Kahoma housing in West Maui
Na Hale O Maui has completed its permanently affordable workforce housing project in Lahaina, the nonprofit announced earlier this month.
The Kahoma Residential Subdivision offers 12 affordable homes just up the road from the Lahaina Gateway Center and Lahaina Cannery Mall. The three- and four-bedroom units were appraised between $745,000 to $800,000 but sold between $390,000 to $460,000, with a 3 percent down payment.
Na Hale O Maui initiated efforts to purchase 12 finished lots from West Maui Land Company in 2012 to build the homes for island families working and/or living in West Maui. However, a contentious court battle against the Land Use Commission over development entitlements delayed the effort by several years.
The nonprofit was finally able to purchase the lots, plan and build the homes. Then, just as Na Hale brought the project to market, the pandemic hit.
Despite the impact on West Maui, especially vacation-related businesses and their employees, Na Hale was able to successfully qualify families for each of the homes. Many buyers were state and county employees.
“Thankfully, we were able to complete the project, meet the terms of the construction loan, select and place home
owners within the parameters we had originally set,” Executive Director Cassandra Abdul said in a news release. “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 can sell homes at below-market prices by keeping the land in trust, subject to a
99-year lease with the homeowner. One Kahoma buyer received a County of Maui Down Payment Assistance Grant. Na Hale provided three buyers Matching Down Payment Assistance Grants based on need.
The nonprofit now holds title to the leased land under 46 single-family homes around Maui.
Na Hale works closely with low- to moderate-income households in Maui County. Families complete a four-step
program to become eligible to purchase community land trust homes that remain affordable in perpetuity. For the past 14 years, Na Hale has helped Maui workforce families achieve their dream of homeownership by buying and rehabilitating existing houses or building single-family homes that are sold to qualified working families at truly affordable prices that are often lower than local rents, the news release said.
Abdul thanked the county for contributing about $2.4 million that will remain invested in the properties in perpetuity, as well as NAREIT Hawaii for a $100,000 donation, Makena Golf and Beach Club for hosting the third annual Charity Golf Tournaments that provided about $115,000 and many other supporters, donors and volunteers.
HomeStreet Bank provided the construction loan, while West Maui Land offered finished lots at below-market prices and development costs.