Letter: HHFDC clears air over role in Sky Ala Moana
JAMM AQUINO / JAQUINO@STARADVERTISER.COM
The recreation deck and two towers of Sky Ala Moana, a condominium and hotel complex with limited affordable housing units, is seen on Oct. 9.
The Hawaii Housing Finance and Development Corp. (HHFDC) started the Dwelling Unit Revolving Fund (DURF) Equity Pilot program to help first-time homebuyers in targeted occupations attain homeownership and stop the “brain drain” of kamaaina leaving Hawaii.
The DURF Equity Pilot (DEP) acts as a deferred loan program for teachers, health workers, police officers and others in occupations facing a shortage.
HHFDC did not provide any exemptions or land-use approvals for the Sky Ala Moana project.
It believes the poor sales at Sky are due largely to a city requirement that restricts buyers from selling their units for 30 years; this requirement, developers say, discourages first-time homebuyers who need the ability to “move up” as their housing needs change. This is why HHFDC has a 10-year restriction period.
It’s because of the 30-year restriction period that HHFDC had been reluctant to use the DEP program at Sky, doing so only after the city relaxed its restriction to match the state’s 10-year period.
Gordon Pang
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Housing information officer, HHFDC
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