David Y Ige | HHFDC Press Release: Governor Ige attends celebrations marking milestones for two affordable housing projects on Maui
HHFDC Press Release: Governor Ige attends celebrations marking milestones for two affordable housing projects on Maui
Posted on July 19, 2022 in Current Department News, Newsroom
Governor David Ige on Tuesday, July 19, 2022, attended ceremonies marking milestones for two Maui affordable housing projects — the dedication of the recently completed Kahului Lani Affordable Seniors Project in Kahului and the blessing of the land for family-oriented affordable Kaiāulu o Kūku’ ia complex in Lahaina.
“We have developed partnerships at all levels of government and with the private and nonprofit sectors, and this comprehensive approach is making a real difference here on Maui and across the state,” said Governor Ige. “Residents now have cheaper housing options.”
The governor joined non-profit affordable housing developer Catholic Charities Hawaii in Kahului to attend a dedication ceremony to commemorate the completion of the 165-unit Kahului Lani, an affordable community for seniors. All 83 one-bedroom units in the recently completed Phase II will be rented to seniors aged 55 and over earning no more than 60% of the area’s median income.
According to HUD 2022 guidelines for Maui, rents at Kahului Lani II would range from $642 to $1,284 per month depending on household income. Units must remain affordable for at least 61 years.
The state provided $17.2 million in Low Income Housing Tax Credit (LIHTC) program tax credits to the project through the Hawaii Housing Finance and Development Corporation (HHFDC). $14.25 million in soft loans from the Rental Housing Revolving Fund; and $2 million from the Dwelling Unit Revolving Fund for road improvements.
Earlier in the morning, Governor Ige joined Mayor Victorino and officials from the non-profit affordable housing developer Ikaika Ohana at the blessing and groundbreaking ceremony for the Kaiāulu o
Kūku’ia Complex in Lahaina. Part of the villages of Leiali of the state
ʻi master-planned community, the project will provide rental units for up to 200 families and households earning no more than 60% AMI. (Three of the units are reserved for resident managers.)
Kaiāulu o Kūku’ia consists of two, three and four bedroom units, allowing families of two or more generations to live under one roof. Under Maui’s 2022 HUD guidelines, two-bedroom units would rent for $770-$1,540 per month, three-bedroom units for $890-$1,780, and four-bedroom units for $993-$1,986. Units must remain affordable for at least 65 years.
HHFDC owns the property and Ikaika Ohana was awarded a long-term leasehold as part of the tender process. Through HHFDC, the state also provided $97 million in tax credits for the LIHTC program, $37 million in low-interest rental Revolving Fund loans, $21 million in tax-exempt revenue bonds under the Hula Mae Multifamily Revenue Bond process and up to $7.5 million in DURF program funds.
The mission of Hawaii Housing Finance and Development Corporation is to increase and maintain the supply of affordable housing statewide by providing financing and development resources for housing.
NOTE: We will be providing a photo of the Kahului Lani event shortly, courtesy of Catholic Charities Hawaii and Becker Communications.
Contact: Gordon Pang, [email protected] or 808-341-4069