Maui County's Ho'okumu Hou First-Time Homebuyer Opportunity Program: Key Takeaways

Strategic Insights -

The Ho'okumu Hou First-Time Homebuyer Opportunity Program, launched on August 11, has seen a surge in popularity, with over 1,300 applications received as of Tuesday, requiring Maui County to close applications on September 30. The program provides up to $600,000 per eligible applicant to support first-time homebuyers, prioritizing those displaced by the 2023 Maui wildfires who earn up to 80% of the area median income.

Key Takeaways:

  • The program prioritizes applications from renters displaced by the 2023 Maui wildfires who earn up to 80% of the area median income.
  • Eligible first-time homebuyers who earn up to 120% of the area median income are also welcome to apply.
  • The program pays up to $600,000 per eligible applicant, with a focus on covering the gap between the purchase price of the home and the amount the applicant can receive as a first mortgage.
  • Grants and cash donations designated for specific purposes, such as home rehabilitation or replacement, may be considered a duplication of benefits.
  • Charity donations for general disaster relief do not count against applicants, as long as they are not specific to purchasing a home.
  • The program guidelines explain how duplication of benefits is determined, with a detailed section on pages 17-19.
  • Duplicate aid will be deducted from the applicant's need, as calculated by the program.
  • The program will perform a Department of Budget and Finance (DOB) review to ensure that program beneficiaries do not receive duplicative, unnecessary, or unreasonable assistance.

Statistics:

  • 1,300+ applications received as of Tuesday, prompting Maui County to close applications on September 30.
  • Up to $600,000 per eligible applicant in grant funding available.
  • 80% of area median income threshold for priority among displaced renters.
  • 120% of area median income threshold for first-time homebuyers.

Sources:

  • Maui County Ho'okumu Hou First-Time Homebuyer Opportunity Program guidelines, pages 17-19.
  • Maui County announcement of application closure date.