Financing approved to help build Kihei senior rental project
The Maui News
Affordable housing developer and owner Highridge Costa will receive funding to help build Liloa Hale, a $58.4 million, 117-unit affordable rental project for seniors in Kihei.
The Hawaii Housing Finance and Development Corporation recently approved Highridge Costa for several financing awards, according to a news release Thursday.
The HHFDC awards include:
• $16,250,000 loan from the Rental Housing Revolving Fund.
• $32,727,103 in Hula Mae Multi-Family Program tax-exempt revenue bonds.
• $4,300,000 loan from the Maui County Affordable Housing Fund.
• The reservation of up to $2,533,963 in annual federal low-income housing tax credits over a 10-year period and $2,533,963 in annual state low-income housing tax credits over a five-year period.
Liloa Hale will offer one- and two-bedroom homes for seniors ages 62 and over earning 30 to 60 percent of the area median income, as well as a residence for an on-site manager. Monthly rents, net of utility allowances, will range from $411 to $1,116 depending on the AMI levels. Community amenities will include a picnic area, community meeting room, laundry room and a landscaped outdoor plaza.
The low-rise, three-story structure will include an average of 39 residences per floor, interior ventilated corridors and two elevators offering access from both sides of the building. Homes will feature a range and oven, refrigerator, air conditioning, garbage disposal, carpet and window coverings.
Highridge Costa estimates that construction will start in 2023, with the new community to be completed and placed in service by the third quarter of 2024. The community is being built in partnership with the nonprofit Hale Mahaolu.
Once completed, it will be managed by Hale Mahaolu, which both manages affordable housing properties and provides supportive services to the residents of more than 1,300 units in Maui County.
Since 1994, the California-based Highridge Costa has developed and invested in more than 30,000 low-income housing units across 300 apartment communities in 33 states and Puerto Rico, according to the news release.