We're still back in time. To recap, Nakata and I are currently onboard for Holomua. Due to their schedule, they need to secure buyers. I think their system is fairly common. Once you reserve your unit, they need you to be pre-approved for the loan, which requires your state and federal taxes and 2 months of paystubs. Shortly after confirming whether you can afford to get the required loan, they need you to contract and open escrow with them. Opening escrow usually requires one to two thousand dollars. They also expected a 5% downpayment for your unit upon contracting, so make sure you've got liquid assets before even setting foot in the housing market.
On to the affordable housing situation. As stated earlier, Holomua was an affordable housing project. My understanding of it is that the state invests money in the development making artificially cheap (hence affordable) units for you to buy. You must qualify for affordable housing. Some requirements include your income being in a range of levels, you have not bought affordable housing in the past so many years, you do not currently own a home, etc. These affordable units also come with a few restrictions and clauses:
1) No selling/renting of your unit for 10 years (in other words you are an owner occupant and must live there) unless circumstances arise where you need to (loss of job, household members increase due to marriage, children)
2) No renting of your unit unless authorized by the State. Time the unit is rented does not count toward your 10 years of being an owner occupant.
3) Upon your completion of 10 years living in your apartment whatever money the state put into your apartment you now owe to them along with interest. After paying back the State your property is now your own, free and clear.
The above are not all the rules, but you get the gist that with some sacrifice, owning a place can be done so long as you remember that you do not own it until you repay the state on their investment. For those planning to rent out their affordable housing be warned that the State will periodically check if you are there via letters, and that so long as your name is on the deed to that property it should not appear on any other properties. It's not all bad, and because you buy your home below market value, should the need ever arise to sell you should be able to pocket a little and be able to pay the state back assuming your selling price covers everything.
I was ahead of Nakata in this process due to some really horrible realtors just jamming us both up, Nakata more than myself. After contracting and writing them a check I was allowed the usual 30 days to make up my mind. During this time the affordable housing along with cozy living conditions made me do a few double takes. The expiration date of my decision fell upon me the day after Valynn, Nakata and I went to Seattle.
On the way there, when we were there and a few other times I not only pestered Nakata and Valynn, but also Christina my sister and realtor. In different ways, everyone told me the same things: I have a comfortable living situation at home to save money, an older place might be larger with no restrictions, Ultimately, after going through so much, I decided to back out of Holomua, very unsure of if I had done the right thing.
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