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DHHL to issue 82 project leases in Hanapepe; lot sizes and product options explained
Summary
DHHL staff said the Hanapepe offering will include 82 residential project leases on roughly 7,500-square-foot lots; beneficiaries will be offered product options keyed to household affordability, including rent-with-option-to-purchase and turnkey homes.
Kalani Frondo and DHHL staff explained that Hanapepe will be the site for 82 residential project-lease awards and that lots there are planned at roughly 7,500 square feet. They told the 82 selectees their product type — turnkey, owner-builder, self-help or a rent-with-option-to-purchase — will be determined by what each household can afford at the time of build-out.
Frondo said earlier construction delays prompted DHHL to plan a single combined awards round for Hanapepe rather than multiple staged awards. On the rent-with-option product, staff described a structure in which beneficiaries can rent for up to 15 years at an affordable rate and then purchase the home at a discounted price.
"Sometimes you might rent for 15 years... and at the end of 15 years, you're gonna purchase it at a very discounted price," Frondo said, using an example where a developer’s estimated new-house purchase price of about $600,000 could translate to a roughly $300,000 purchase price for a long-term renter under certain calculations.
Staff said more detailed developer information will be available at the project-lease award events and that financial assessments will be accelerated for Hanapepe selectees because infrastructure is expected to be ready sooner than at some other sites.
