KHON TV Honolulu
Ground broken on affordable community development in Kapolei
by Web Staff
HONOLULU (KHON2) - A new affordable apartment community is in the works for Kapolei.
A groundbreaking ceremony was held Thursday for Kulana Hale.
The $130 million total project on Wakea Street will be built in three phases.
Phase 1 will consist of 154 affordable senior rental units above ground floor commercial retail spaces in a single 13-story tower.
The development will be restricted to seniors earning 60 percent or less of the area median income (AMI) for 60 years.
Phase 2 will add a second tower with 143 affordable units restricted to families earning 60 percent or less of the AMI for 60 years.
Construction is expected to begin in April 2019.
Phase 3 will round out the community with additional single-story retail space.
Amenities include a meeting room, picnic area, and community workspace.
Kulana Hale is the result of a public-private partnership, and utilizes low-incoming housing tax credits, support from the Rental Revolving Housing Fund, and funding from the Hula Mae Multi-Family Tax-Exempt Bond program.
"We have been from the government side finding ways we can keep these projects affordable for a longer period of time, because it allows us to serve our communities better," said Gov. David Ige. "This is a terrific example of what we can do when we work together."
"From day one, when this is completed, this is financially independent and sustainable for the life of development without any ongoing rental or operating subsidy. To that, to the State of Hawaii, to its agencies, I salute you for making that a reality," said Mohannad Mohanna, Highridge Costa Development Company president.