Selling a Reserved Housing Unit

Posted on Aug 21, 2019 in Main

Please allow at least four to six weeks to complete the release of a unit from HCDA’s Reserved Housing Program.  Be advised that closing may take longer than 45-days due to missing or incorrect information being provided to the HCDA.

To sell or transfer title to an HCDA Reserved Housing Unit, please complete the owner request letter and Release of Unilateral Declaration Request fillable form linked below and return to the HCDA along with all other required documents.  The request letter and completed fillable form will serve as your formal request for a Release of Unilateral Declaration of Restrictive Covenants.  You may edit the template letter language if your specific circumstance differs from the sample text provided (e.g., if you are changing title rather than selling the unit).

In accordance with the HCDA’s rules, the HCDA will exercise its first option to purchase if any Reserved Housing Unit is sold during the regulated term.  Reserved Housing unit owners are only allowed to sell their units at market after the Regulated Term has expired.

Please review your Unit Deed and Unilateral Declaration to confirm your Regulated Term has expired prior to following the steps below to release your unit from HCDA’s Reserved Housing Program.

The HCDA requires the following documents to process all requests for Unilateral Release:

  • Owner Request Letter
  • Release of Unilateral Declaration Request Fillable Form 7.2021
  • Unit Deed with Reservation and Conditions;
  • Unilateral Declaration of Restrictive Covenants for Unit Designated as Reserved Housing Unit;
  • Purchase Contract;
  • Counter Offer (if applicable);
  • Preliminary Title Report;
  • Estimated Closing Disclosure showing the shared equity due to the HCDA; and
  • Estimated Seller’s Statement showing the shared equity due to the HCDA.

Submit all documents listed above via email to: DBEDT.hcda.reservedhousing@hawaii.gov.

After the HCDA receives all of the above documents, please allow four to six weeks for legal review and execution of the Release of Unilateral Declaration of Restrictive Covenants.

 

If you have any questions, or for more information about HCDA’s Reserved Housing Program:
Phone: (808) 594-0311
Email: dbedt.hcda.reservedhousing@hawaii.gov