PREPAY SHARED EQUITY FOR A RESERVED HOUSING UNITPosted on Jul 6, 2021 in Main
Prepay Shared Equity for a HCDA Reserved Housing Unit
On June 25, 2021, an amendment to the Hawaii Administrative Rules (HAR) became effective. It allows for payment of shared equity without sale or transfer of a Reserved Housing Unit, HAR §15-218-41 Kakaako Reserved and Workforce Housing Rules.
An excerpt of the amended HAR §15-218-41 is provided here for your information. Amended HAR 15-218-41
Please note, the payment of shared equity does not have any effect on your regulated term. You are still required to reside in your unit as owner occupant until the expiration of your regulated term. All rules pertaining to reserved housing units will remain in effect until the regulated term of the reserved housing unit expires.
If the regulated term of your reserved housing units has already expired, the HCDA will issue a Release of Unilateral Declaration of Restrictive Covenants concurrently with your prepayment of your shared equity amount. The process for release is outlined here: http://dbedt.hawaii.gov/hcda/selling-a-reserved-housing-unit/
If you would like to make the shared equity payment without selling or transferring title to your reserved housing unit, please complete the applicable template letter below and submit the required documents listed therein via email to: DBEDT.firstname.lastname@example.org.
- Template Letter for Release and Prepayment (Note: Your regulated term must have already expired in order to use this template and obtain a release)
If you have any questions, or for more information about HCDA’s Reserved Housing Program:
Phone: (808) 594-0311