A Maui County pilot program on Moloka’i is offering homeowners up to $100,000 in exchange for deed restrictions on their property.
The sale of the home would be restricted for 25 years under the program. If the homeowner does choose to sell during that time, it must be sold to an income-qualified resident at an equitable price. And the county would have the right of first refusal to purchase the property.
During the 25 years, the homeowner must live in the house. The county says the program is intended to protect housing from speculative investment purchases, bring stability, and keep homes affordable for local residents.
“This program supports long-term housing affordability on Molokaʻi while expanding housing opportunities and strengthening community stability and access,” said Maui County Department of Housing Director Richard E. Mitchell in a press release.
The initial program will be tested with five Moloka’i homeowners before potential expansion.
Applications opened this week and must be received by the Housing Department by May 29. To apply, click here.
