DHHL’s Kapolei Hoolimalima Rent-With-Option-To-Purchase Pilot Program Gains National AttentionPosted on Sep 8, 2017 in Department of Hawaiian Home Lands, News Releases
FOR IMMEDIATE RELEASE
September 8, 2017
DHHL’s Kapolei Hoolimalima Rent-With-Option-To-Purchase Pilot Program Gains National Attention
The Department of Hawaiian Home Land’s (DHHL) recently completed Kapolei Ho‘olimalima Pilot Project has gained the attention of the National Association of Home Builders “Drive Home” segment which features families across the nation who have achieved the dream of becoming homeowners. In collaboration with Mark Development, Inc. the pilot project directly benefited native Hawaiian families in the homestead community of Malu‘ōhai by converting them from renters to homeowners.
Mark Development, Inc. was responsible for developing and managing the pilot project using Federal Low Income Housing Tax Credits. The tax credits earned over the life of the 15-year project raised over $6.7 million in equity, which was passed onto the native Hawaiian renters who exercised the purchase option offered to them.
Video featuring DHHL Chairman Jobie M.K. Masagatani, Craig Watase from Mark Development and the Kamaka family from the Ho’olimalima subdivision of Maluohai can be found below.