Na Hale sells 34th affordable home
The housing nonprofit Na Hale O Maui has sold its 34th home, handing the keys to the Sisouvong family of Wailuku.
“This home was sold at a price substantially below the fair market value,” said Cassandra Abdul, executive director of Na Hale O Maui. “It will remain affordable in perpetuity and never go to market price.”
The community land trust retains title of the land and sells the home to families, reducing the cost. Any future resale would be made to a family earning between 80 to 120 percent of the area median income, Abdul said.
“The selling homeowner would receive a portion of shared appreciation, keeping the home affordable for the next homeowner,” she said.
The nonprofit partners with banks, service providers, landowners, developers and other organizations to help generate affordable housing in Maui County.
Lavuai and Andrea Sisouvong are the 39th family to benefit from the work of Na Hale. They received ownership of the four bedroom, 2.5 bath home in Waikapu Gardens Phase II in mid-May.
“We are very excited,” Andrea Sisouvong said. “It’s been a long time coming. We have been struggling to find a home for the last four years. We went to a NHOM information night four years ago.
“The kids are super excited. They have their own bedroom.”
The original buyer of the latest home offered it to Maui County as required under the affordable deed restriction. The county exercised its option to purchase the property and then granted the home to Na Hale O Maui. The grant changed the affordability of the home from eight years to affordable in perpetuity, Na Hale said.
For more information, visit www.nahaleomaui.org.