Developer seeks funding for affordable housing project
I am writing in response to the July 26 article about Hale Mua subdivision. Hale Mua was poised to get done when it started with the process of the Land Use Commission. It took almost three years to go through the process. It was approved in 2007. Central Pacific Bank was ready to finance the project. The recession hit and CPB was one of the banks that had to be bailed out.
Since then, I have approached all of the other banks in Hawaii for funding with no success. Since then, I have diligently had brokers approach Mainland banks, hedge funds, the Carpenter’s Union Annuity Fund, Chinese investors, even some Church investment funds. I am still looking for $50 million for Phase 1.
The landowner is still interested in us buying the land. The zoning of the land is and has always been agricultural. The high density approval granted by the County of Maui was to the County Housing Division and Hale Mua Properties LLC. It does not run with the land because of the 201G process which was used went through the County Council, which approved 7-4.
I know that housing, especially affordable housing, is desperately needed in Maui. I will plan to attend the meeting in September to plead for the continued opportunity to meet the needs of Maui. I ask for community support.