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SEASCAPE CONDOMINIUMS <br /> AFFORDABLE HOUSING <br /> <br /> Seascape Condominiums, a fce-simple project located in Kailas-Kona, Hawaii is offering one <br /> <br /> hundred eight (108) affordable condominium units which are being developed through the <br /> cooperative efforts of the County of Hawaii -Office of Housing and Community Development, <br /> Seascape Developtent, LLC, and Westpro Holdings, LLC. One hundred percent (100%) of <br /> these units will be sold to owner-occupants through a public lottery process. Participants must <br /> meet the following list of eligibility requirements which include but are not limited to: <br /> 1) Applicants must be a citizen of the United States or a pemuutent <br /> resident alien who now resides in the County and the State of Hawaii. <br /> 2) Applicants must abide by a ten (10) year restriction on use, similar to <br /> Chapter 201G, Hawau Revised Statues, waiver transfer and sale (buy <br /> back) of the land and dwelling unit. <br /> 3) Applicant must be anowner-occupant during the ten year restriction. <br /> 4) Applicant and Co-Applicant must not gave owned more than fifty-one <br /> percent (51%) interest in real property suitable for dwelling purposes <br /> from one year prior to the date of application. <br /> 5) Applicant and Co-Applicant must also submit with application a <br /> complete copy of the past two years tax returns. <br /> 6) Only one application per household may be submitted. <br /> 7) Applicants yeast go through apre-approval process wittt Meridian <br /> Capital. This will not obligate applicant to use Meridian Capital for <br /> their financing. <br /> 8) All applications must be completely filled out with all necessary <br /> documentation to qualify for the lottery. <br /> The Applicant's and Co-Applicant's anneal gross household income mast ~t exceed the <br /> following ranges (gross income in this cohmm is calculated at 130% of the median income): <br /> Number in Household Gross Income Per Year <br /> i $50,320 <br /> 2 $57,510 <br /> 3 $64,700 <br /> 4 $71890 <br /> 5 $77,640 <br /> 6 $83,390 <br /> 7 $89,140 <br /> 8 $94,890 <br /> All 108 units comprise two-bedrooms and two-baths with approximately 1050 s.f. and are each <br /> priced at $284,600. <br /> If you mcet these requirements, applications can be picked up at the following location: Akamai <br /> Realty LLC, 75-143 Hualalai Road, Ste. #103, Kailua-Kona, HI 96740 between Wednesday, <br /> July 5, 2006 through Monday, July 24, 2006 8:00 AM - 5:00 PM, (Wcekdays only]. <br /> APPLICATIONS MUST BE RETURNED NO LATER THAN Monday July 24.20116 at <br /> 5:00 o.m. If mailed, all applk;etions must be postmarked no later than July 22, 2006. <br /> Completed applications will be placed in a lottery to be overseen by the County of Hawaii - <br /> Office of Housing and Community Development. Lottery drawing will be held on July 26, 2006 <br /> at 7:00 p.m. at the King Kamehameha Hotel (Lottery winners need not be present.) <br /> Comm: No. ']OD . <br /> Ref. Toy trasalill- une., <br /> Ref. Bate <br /> <br />