Download The Flats at Sky Ala Moana East Application Packet
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DEP Program

DOWNLOAD THE AFFIDAVIT PACKET

  1. The Flats at Sky Ala Moana is participating in the State’s new Dwelling Unit Revolving Fund Equity Pilot Program (DEP) intended to address the high, unmet demand of for-sale units by Hawaii residents, specifically workers in a profession that is facing a labor shortage as determined by the Hawaii Housing Finance and Development Corporation (HHFDC), including (for the initial 30-days) nurses, teachers, police officers, and agricultural field workers.
  2. Units that can use the DEP program are designated City & County affordable units already priced below market. 
  3. The DEP program is an HHFDC equity purchase and sharing program in the form of a 0% (zero) 2nd mortgage program for Eligible Buyers who meet all eligibility criteria to purchase a unit in this Project.

Qualified Professions

Health care workers, Educators, Law Enforcement Officers, Staff at Correctional Facilities, and Agricultural field workers

Steps

1 Get prequalified by a preferred project lender
 

2 Download and complete the DEP Affidavit from the project’s website
 

3 Sign the affidavit where indicated (DocuSign is acceptable)
 

4 Submit the affidavit to the sales team for HHFDC DEP eligibility review
 

5 If pre-approved, contact a sales agent to select a unit and obtain approval to purchase an affordable unit
 

6 Submit the signed and notarized affidavit with the DPP eligibility approval letter to the Sales Team for HHFDC final review and approval
 

7 Execute your PC and submit your initial deposit to escrow

FREQUENTLY ASKED QUESTIONS

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I. What is the DURF Equity Pilot (DEP) Program?

  1. A legislative approved program authorizing the Hawaii Housing Finance and Development Corporation (HHFDC) to use up to $10,000,000 of its funds to purchase equity in designated starter units within approved for-sale housing development projects.
  2. It is a secondary financing program permitted by Act 92, Session Laws of Hawaii 2023, for buyers who meet the eligibility requirements. Refer to the Affidavit for eligibility criteria and program requirements.
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II. Am I eligible to use DEP funds?

  1. Yes, if you meet the criteria as an “Eligible Buyer”.
  2. To be an Eligible Buyer, one must,
  • Be an approved affordable buyer under the City & County of Honolulu’s affordable requirements (eligible person).
  • Own no other real property.
  • Receive no gift funds for purchase of the unit.
  • Works in a profession that is facing a shortage as determined by the HHFDC, including, (for the initial 30-day offering) nurses, teachers, police officers, and agricultural field workers.  After the initial 30 day offering, professions shall include healthcare workers, educators, law enforcement officers, staff at correctional facilities and agricultural field workers.
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III. How do I apply for the DEP program?

Refer to the Affidavit Packet

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IV. When signing the DEP Affidavit, can we use DocuSign?

  1. Yes.  DocuSign is preferred for initial signing only.
  2. Refer to the Affidavit for further clarification of the (affidavit) signing requirements, i.e. DocuSign for initial signing and wet signature for second signing in front of notary public.
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V. What are the benefits of the DEP program?

  1. The DEP program funds reduce the borrower’s qualifying loan amount by 15% or 20% of the developer’s original sales price. It may also be applied toward the buyer’s down payment or closing costs.
  2. No recurring monthly payments.
  3. Payable at any time after the initial close of the buyer’s purchase. Refer to the Affidavit for repayment details.
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VI. Is the DEP program fund a grant?

  1. No, the DEP program funds are not a grant.  It is a 30-year, secondary (2nd) mortgage loan at 0% (zero) interest, that does not require monthly payments.
  2. The DEP program funds can be paid at any time after close of the unit purchased but is due and payable under certain conditions, including prior to expiration of the 30-year term. Refer to the Affidavit for repayment details.
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VII. Is there Shared Appreciation?

  1. No.  However, there is an equity sharing on HHFDC’s allocated funds.  To purchase under the DEP program, the eligible buyer must agree to share in a percentage of net appreciation on the property with the HHFDC/corporation.
  2. Refer to the DEP Affidavit for an example of how the corporation’s equity percentage is determined and the sample calculation of the equity share paid to the state upon sale, refinance, transfer of title, non-owner occupancy, or upon payoff of the allocated amount prior to the 30-year expiration date.
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VIII. When do I have to pay back the DEP allocated funds (corporation’s equity) and corporation’s equity percentage share?

  1. The corporation’s equity and equity percentage share, if any is due and payable upon the earliest of the following:
    • At any time after financial closing of the purchased unit at the borrower’s option;
    • Upon sale, transfer of title, refinance or additional financing, non-owner occupancy, rental of any part of the unit, or failure to reoccupy the unit at the end of a temporary waiver period; or
    • Prior to expiration of the 30th year (DEP mortgage) from the buyer’s date of closing the purchased unit.
  2. Corporation’s Equity means the difference between the original cost of the unit and the price of the unit paid by the qualified purchaser (an eligible buyer approved by the corporation).
  3. Corporation’s Equity Percentage Share means the percentage determined as: the corporation’s equity divided by the developer’s original sales price, excluding options or upgrades, and established prior to closing the purchase of the unit, rounded to the nearest one per cent.
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IX. Do I need to also meet City & County affordable requirements?

Yes.  Persons interested in the DEP program must first meet the City and County’s affordable eligibility and income requirements, including:

  • Be a citizen of the United States or a resident alien;
  • Be at least eighteen (18) years of age;
  • Be domiciled in the State of Hawaii and have a bona-fide intent to physically reside in the affordable housing unit as an owner-occupant for the duration of the 10-year restriction period;
  • Have a total Gross Household Income not exceeding the affordable housing unit’s designated income limit. See below for Housing Income – 120% of AMI.
  • Have total net available household assets not exceeding the purchase price of the affordable housing unit;
  • Be a person or household member who, either oneself or together with a household member, does not own or has not owned for a period of three years prior to application, a majority interest in fee simple or leasehold lands suitable for dwelling purposes;
  • Not be a person who previously has received assistance under a program designed and implemented by any State of Hawaii or county agency to assist persons to purchase affordable housing units.
  • Occupy the property for 10 years.
  • Housing income cannot exceed 120% of AMI as indicated below

THE FLATS SALES TEAM

Contact one of our knowledgeable Sales Agents to learn more about The Flats at Sky Ala Moana.

Rosalei T. Rankin

Assistant Sales Manager
RS-75822
(808)386-7489
rosie@associatedhawaii.com

Laurie Kay Oh

Project Sales Agent
RS-72521
(808)722-6615
laurie@associatedhawaii.com

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Disclaimer

The listings of units, prices, other amounts, and information are only as of the date set forth on this page.  Units, prices, other amounts, and information are all subject to prior sale, reservation, change by the developer, increase, and reduction. This is not an offer to sell, nor is it an obligation or contract of any kind. All figures, facts, information and prices are approximate and are subject to change at any time. Unless you and the developer both sign a binding sales contract for a specific unit, you do not have a right to purchase a unit at any particular price. You are advised to obtain and read the Public Report required by the laws of the State of Hawaii.  Despite the developer’s efforts to provide accurate information, it is not possible to ensure that all information is up to date. The developer assumes no responsibility for any actions taken as a result of reading this email. No content from this price list may be copied, republished, posted, or distributed in any way without written developer approval.

The information contained herein should not be relied upon in deciding to purchase a unit. All figures, renderings, maps, site and floor plans, photos, simulated views, images and other information depicted were developed for mockups and marketing purposes only to assist the purchaser in visualizing the residences. THE FLATS RESIDENTS WILL NOT HAVE AMENITY ACCESS OR USE IN THE PROJECT. They may not accurately depict the project and may change at any time. All figures, facts, information and prices are approximate and are subject to change at any time. To the extent permitted by law, the developer disclaims all liability that may arise out of errors or omissions in the content hereof.

This is not intended to be an offering or solicitation of sale in any jurisdiction where the project is not duly registered or where such offering or solicitation would otherwise be prohibited by law.

All artist renderings are for illustrative purposes only and are subject to change without notification. All views, square footages, finishes, fixtures, layouts and dimensions are approximate and subject to change at any time.