WAIKOLOA, Hawaii, May 25, 2023 /PRNewswire/ — Ho’omalu at Waikoloa Beach Resort will begin being built in 2023-2024 and will be the first affordable housing development within the resorts on the Big Island of Hawaii. This development will include 229 apartments varying in size from 1-3 bedrooms. It is expected that these will not be for sale, but that they will be long term rentals. The existing plans are not just to provide affordable housing, but will also include a Hawaiian education theme, daycare, pool, fitness center, BBQ area, and community center.
The question that developments like this normally bring to mind in the local community of Hawaii is “What is affordable housing?”. Affordable housing can best be defined as affordable to the average resident of the area. If you make less than the average, then you may not find it affordable. Most residents seem to think that affordable means that the development will be affordable to any resident. Also, if you make significantly more than the average resident you do not qualify for the housing.
Each state carries different factors as to what qualifies as affordable housing and who qualifies for it. When a development is brought before the state then specific terms of that development are agreed upon. Due to this, the prices and qualifications of each development can vary. For the Big Island of Hawaii the Office of Housing and Community Development is responsible for the terms related to affordable housing and most of their terms are set by the U.S. Department of Housing and Urban Development. Each year the amounts and terms of affordable housing are updated so there is no set figures for Ho’omalu at Waikoloa Beach Resort yet, but the 2023 figures will give residents a reasonable idea of cost.
For Ho’omalu at Waikoloa Beach Resort it will be available to people that are at 30% to 100% of the AMI (average median income for Hawaii County). There will be other factors that play into who can qualify for the development such as other current expenses that an applicant may have such as car payment, debt, etc. This is simply to make sure that the applicant has enough expendable income to make the monthly payments.
Given that H’omalu at Waikoloa Beach Resort will be the first affordable housing in a resort on the Big Island of Hawaii there is sure to be resistance from the Waikoloa Beach Resort community given that the resorts are known to be luxury resorts and the owners of the properties within the resorts are typically very affluent. While there will be some resistance, Ho’omalu at Waikoloa Beach Resort will be a welcomed addition to west Hawaii. The resorts are the largest employer of residents and finding housing for these employees has been a challenge. Many of these employees will be qualified and the perfect fit for Ho’omalu at Waikoloa Beach Resort.
As development nears in 2023 or 2024 there will be more detailed information released on Ho’omalu at Waikoloa Beach Resort.
SOURCE Waikoloa Vacation Rentals
Originally published at https://www.prnewswire.com/news-releases/affordable-housing-coming-to-waikoloa-beach-resort-soon-301834328.html
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