VILLAS AT MALU’OHAI

Fact Sheet

VILLAS AT MALU’OHAI is a new affordable rental in the Villages of Kapolei (A’eloa). The development provides affordable housing that is situated in the city of Kapolei on the island of Oahu and is an Equal Opportunity Housing Facility, admitting people in accordance with local, state and federal Fair Housing laws.

VILLAS AT MALU’OHAI is a Low Income Housing Tax Credit (LIHTC) property and is monitored and administered by the State of Hawaii and Federal (IRS) government. LIHTC is a program established to provide low-income rental housing subject to households being income eligible with rent restrictions for families earning no more than 60% of the median income established by the U.S. Department of Housing and Urban Development (HUD) for Honolulu.

Location

Address: 91-1025 Kaiau Avenue, Kapolei, HI 96707


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Property Information:

VILLAS AT MALU’OHAI consists of Seventy-One (71) two and three-bedroom apartments and one resident manager’s unit. The four-story building includes an elevator, a resident manager’s office located on the ground floor and a community laundry room. The project will include 160 parking stalls for residents and guests. The Owner provides water, sewer and parking. Tenants are responsible for own electricity, telephone, and cable television. All units include a stove, refrigerator, partial carpet, air conditioning and come with two parking stalls.

Rent:

2 bedroom / 1 bath unit 60% = $ 935.00 per month (52 units) – 713 sq.ft.
3 bedroom / 2 bath unit 60% = $1,170.00 per month (15 units) - 940 sq.ft.
2 bedroom / 1 bath unit 50% = $ 930.00 per month (3 units) - 713 sq.ft.
3 bedroom / 2 bath unit 50% = $1,052.00 per month (1 unit) - 940 sq.ft.

Qualifications Requirements:

The project’s income limits are 50% and 60% of the median income, adjusted by household size, for the Honolulu area established by HUD. Rents are subject to adjustment when the median income for the Honolulu area changes

Applicants must be a U.S. Citizen or U.S. Alien

Cannot own a majority interest in residential properties

Meet Minimum monthly income; at least 2 ¼ times the rent amount

Must be at or below the 60% gross annual median income limits

Qualifying Income Limits:

To qualify for a unit, the household’s gross income may not exceed the maximum* income limit per household size and may not be lower than the minimum monthly income; gross monthly income needs to be at least 2 ¼ times the rent amount.

60% annual median incomes (62 units)     50% annual median income limits (9 units)
1 person 2 persons 3 persons 4 persons   1 person 2 persons 3 persons 4 persons
$ 41,700 $ 47,640 $ 53,580 $ 59,520   $ 34,750 $ 39,700 $ 44,650 $ 49,600
5 persons 6 persons 7 persons 8 persons   5 persons 6 persons 7 persons 8 persons
$ 64,320 $ 69,060 $ 73,860 $ 78,600   $ 53,600 $ 57,550 $ 61,550 $ 65,500

*Note: The maximum affordable rent limits are also subject to adjustment when the median income for the Honolulu area changes. Area median income limits are established annually by HUD and vary in each county for family size. See Honolulu area median income limits for 60% and 50% AMI.

MINIMUM monthly income: Section 8 applicants are exempt from the minimum income requirement. $ 2,104 per month for 2 bedrooms ($2093 – 50%)

$ 2,633 per month for 3 bedrooms ($2,367 - 50%)

Application Procedures:

Applications will be available at the managing agent’s office, Management Specialists Company during normal business hours. Applications are also available at www.mschawaii.com and by email at mschousing@hawaii.rr.com.

Each applicant must complete an application and are required to provide information regarding their income, assets, birth dates, social security numbers, previous housing landlord’s references, and other applicable information listed on application. Credit history through the Credit Bureau of the Pacific and Criminal background checks will be requested for each adult member. Copies of social security cards are also required for all household members at the time of processing.

Applications must be signed by the head of household and all household members 18 years of age and older. All application entries are to be printed legibly in black ink or typed. Application must be completely filled out and if an item(s) does not apply, answer “no” or “n/a”. Do NOT leave anything blank. Corrections or changes are to be made by lining through the original entry and entering the correct data. Such changes must be initialed by the person making the change. Signed and dated applications will be processed on a first-come, first-serve basis. Only completed applications that meet basic income qualifications will be considered accepted and eligible for lottery and/or wait list.

If the applicant has a section 8 voucher or other type of rental assistance, it will be allowable at this project. The income limits will be set according to 50% and 60% median income for the Honolulu area.

Types of Income:

1.All wages, salaries, commissions, fees, tips, bonuses, and other compensation before taxes (gross income).

2.Income from the operation to a business or profession or rental income.

3.Interest from checking/savings accounts, CD, IRA, stocks, dividends, etc. There is no limit on the amount of assets one can have. Assets disposed of in the last two years will also be part of asset calculations.

4.Payments from social security, annuities, insurance policies, retirement, pensions, disability and death benefits.

5.Unemployment, disability (TDI), workers compensation, other.

6.Public assistance other than those for shelter and utilities

7.Alimony and child support

8.Scholarships and grants

9.Regular pay, special pay and allowances of a member of the armed forces.

10.Regular contributions from family, friends and others

Tenant Selection:

1.Completion of the application

2.Meets minimum monthly income

3.Credit and Criminal checks

4.Past rental history/reference through landlord verification

5.Eligibility interview

6.Upon notification of acceptance, an application fee is required ($20).

7.In the event of more than 71 qualified applications are received, a lottery will be held for the 71 rental units.

Should applicants fail to meet screening criteria, they will be mailed a notice in writing indicating type of rejection. Applicants may contact Leasing Agent for explanation of rejection and/or submit new application for Waiting List.

Requirements for move-in:

1.At time of move-in, first months rent is due. (prorated depending on time of move-in)

2.Security deposit (equivalent to one full months rent – cashiers check/money order)

3.Signed lease at time of move-in.

4.Unit inspection

Tenant Eligibility Certification Process:

1.Notification of Process: Applicants will be contacted in writing in the order of their lottery ranking to begin the Tenant Eligibility Certification process. Applicants must respond within the time specified in the written notification in order process their application or their lottery ranking will be lost and the application placed at the end of the wait list.

2.Credit and Criminal Checks: If the applicant is interested in becoming a tenant, credit and criminal reports will be obtained for all members over the age of 18 years in household. Rejected applicants will be notified by mail.

3.Interview: All Adult Applicants are required to attend an eligibility interview.

4.Third Party Verifications: In order to be income eligible, third party verifications are required to verify the

Applicant’s income, assets, and landlord/personal references. Applicants will be required to submit requested documentation in a timely manner.

5.Certification Completed: A Certified Occupancy Specialist (COS) will review application once all third party verifications are returned and requested items are received

6.Notification of Award: Written notification of eligibility or rejection will be mailed to the applicant.

At times when there are no vacancies, approved applicants must wait until a unit becomes available before being offered a unit. Third party verifications expire after 90 days and will be re-verified by the COS. Additional documentation may be requested by the COS.

Important Information about this property and rental agreement:

This Property was developed under the LIHTC Program and provides rental homes at lower monthly rents for households having annual incomes of less than 60% or less of the median income established by the US Department of Housing and Urban Development for the Honolulu area, adjusted for family size. As such residing in this Property involves certain requirements that every tenant is responsible for fulfilling. The failure or refusal to cooperate or fulfill these requirements will be considered a material breach of the Rental Agreement and will result in its termination and eviction of the Tenant:

Initial Certification of Eligibility: Prior to taking occupancy of an apartment unit, each household must establish eligibility under the LIHTC Program. This will require providing information regarding the assets and income of the household which includes all members of the household.

Annual Re-Certification: About ninety (90) Days prior to your annual re-certification, you will be provided your re-certification packet. You understand and agree that your packet must be completed and submitted by the date specified by the Property Manager. The Property Manager will process this information provided by you to determine ongoing eligibility.

Fraud/Misrepresentation/Non-disclosure: Should LANDLORD discover at any time that TENANT has provided false information in regard to income, or that illegal household members are living in the unit, this would constitute a material breach of the Rental Agreement and tenancy may be terminated immediately.

Addition of Household Members:

Residents will not be allowed to add new household member(s) within the first 12 months of occupancy unless approved by the Managing Agent. Requests for addition of household member(s) must be made in writing to the Managing Agent along with a completed rental application by proposed household member(s). Application will be reviewed and processed by the Managing Agent. Residents will be notified in writing of its decision within 30 days of receipt of completed application.

No Pets Policy:

Pets, visiting pets or pet sitting are strictly prohibited. Applicant requesting for reasonable accommodation of a service animal must complete verification process by Managing Agent before move-in of service animal.

The assistance provided by the service animal must be directly correlated to the person’s disability. A reasonable accommodation form must also be completed by Applicant.

REMOVE T HIS PORTI ON FROM T HE APPLICAT ION AND KEEP F OR YOUR REF ERENCE 07/11/ 11

Disclaimer: the terms and conditions unless mandated by law are subject to change in Landlord’s sole discretion at any time