HomeMy WebLinkAboutCOM 0700.011 2006-2008 SEASCAPE CONDOMINIUMS
AFFORDABLE HOUSING
Seascape Condominiums, a fce-simple project located in Kailas-Kona, Hawaii is offering one
hundred eight (108) affordable condominium units which are being developed through the
cooperative efforts of the County of Hawaii -Office of Housing and Community Development,
Seascape Developtent, LLC, and Westpro Holdings, LLC. One hundred percent (100%) of
these units will be sold to owner-occupants through a public lottery process. Participants must
meet the following list of eligibility requirements which include but are not limited to:
1) Applicants must be a citizen of the United States or a pemuutent
resident alien who now resides in the County and the State of Hawaii.
2) Applicants must abide by a ten (10) year restriction on use, similar to
Chapter 201G, Hawau Revised Statues, waiver transfer and sale (buy
back) of the land and dwelling unit.
3) Applicant must be anowner-occupant during the ten year restriction.
4) Applicant and Co-Applicant must not gave owned more than fifty-one
percent (51%) interest in real property suitable for dwelling purposes
from one year prior to the date of application.
5) Applicant and Co-Applicant must also submit with application a
complete copy of the past two years tax returns.
6) Only one application per household may be submitted.
7) Applicants yeast go through apre-approval process wittt Meridian
Capital. This will not obligate applicant to use Meridian Capital for
their financing.
8) All applications must be completely filled out with all necessary
documentation to qualify for the lottery.
The Applicant's and Co-Applicant's anneal gross household income mast ~t exceed the
following ranges (gross income in this cohmm is calculated at 130% of the median income):
Number in Household Gross Income Per Year
i $50,320
2 $57,510
3 $64,700
4 $71890
5 $77,640
6 $83,390
7 $89,140
8 $94,890
All 108 units comprise two-bedrooms and two-baths with approximately 1050 s.f. and are each
priced at $284,600.
If you mcet these requirements, applications can be picked up at the following location: Akamai
Realty LLC, 75-143 Hualalai Road, Ste. #103, Kailua-Kona, HI 96740 between Wednesday,
July 5, 2006 through Monday, July 24, 2006 8:00 AM - 5:00 PM, (Wcekdays only].
APPLICATIONS MUST BE RETURNED NO LATER THAN Monday July 24.20116 at
5:00 o.m. If mailed, all applk;etions must be postmarked no later than July 22, 2006.
Completed applications will be placed in a lottery to be overseen by the County of Hawaii -
Office of Housing and Community Development. Lottery drawing will be held on July 26, 2006
at 7:00 p.m. at the King Kamehameha Hotel (Lottery winners need not be present.)
Comm: No. ']OD .
Ref. Toy trasalill- une.,
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