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…


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.