Honolulu affordable housing project opening

Honolulu affordable housing project opening
Bill Cresenzo Reporter – Pacific Business News

Halekauwila Place, a new 204-unit affordable housing complex in Honolulu’s Kakaako neighborhood, is set to open on Tuesday.

The $70 million 19-story building was developed by Stanford Carr Development in a public-private partnership with the Hawaii Housing Finance and Development Corp., the authority and the U.S. Department of Housing and Urban Development.

The building has 204 rental units. Tenants will consist of people who make no more than 60 percent of the area media income, about $40,260 for a single and $57,480 for a family of four.

Construction on the project began in December 2012. Studios will rent for $956, one-bedrooms will rent for $1,016, two-bedrooms will rent for $1,210 and three bedrooms will rent for $1,389.

Another Kakaako project, developer Peter Savio’s Rycroft Terrace, is expected to open at the end of the month. The 162 condos in the former Pagoda Hotel annex will be priced between $123,40 and $279,990.

First preference will be given to people making 30 percent or less of the area median income, then to buyers who make no more than 140 percent of the area median income.

Stanford Carr’s Halekauwila Place affordable rentals on track for March completion

Feb 13, 2014, 2:12pm HST UPDATED: Feb 13, 2014, 3:53pm HST
Duane Shimogawa Reporter-Pacific Business News

Hawaii developer Stanford Carr’s $70 million, 204 affordable rental project in Kakaako, Halekauwila Place, is scheduled to be completed in March, the state agency overseeing the redevelopment of the Honolulu neighborhood said Thursday.

The Hawaii Community Development Authority said it provided gap financing for construction of the project, which will have rents that range in price from $956 a month for a studio to $1,389 a month for a three-bedroom unit.

The units are available to tenants making less than 60 percent of the area median income in Honolulu, or about $36,000 to $41,000 a year for a single person, the HCDA said.

The project is being financed through three separate sources, including $25 million from the U.S. Department of Housing and Urban Development through PNC Bank, $28 million through the issuance of low-income tax credits and $17 million from subordinate gap financing from the HCDA.

Halekauwila Place is considered the first phase of the 690 Pohukaina project, which will include a workforce housing component that targets people who earn up to 140 percent of area median income.

Interested applicants can contact the leasing company and get more information through the Halekauwila Place website.