Affordable family rental community in east Kapolei breaks ground.
A ceremony was held today for Keahumoa Place in Kapolei that will offer 320 rental units by the year 2020.
The project is being built along Keahumoa Parkway, a short distance from the Kualakai Transit Station and more.
“This would be the perfect location for a new community,” said Gov. David Ige. “We have the Kroc Center across the street. We have a new Kapolei Middle school coming up across the street down a few blocks is the West Oahu campus of the University of Hawaii for higher education. There’s so much happening at that campus, so this is the perfect location. We were proud to make the state land available.”
One, two, and three-bedroom units will be available.
Depending on how much a person earns, a one bedroom unit could rent for as low as $587 a month, $784 for a three bedroom.
There will also be 628 parking spaces, a community center with computer lab, picnic area, tot lot for the children, and a pet park.
The Michaels Organization, in partnership with the Hawaii Housing Finance & Development Corporation (HHFDC), held a ceremonial groundbreaking and blessing for Keahumoa Place in East Kapolei. At the completion of Phase 4, the multi-family housing apartment community will provide Hawaii families with 320 new, affordable rental units by 2020.
“With high demand and a shortage of affordable rentals across the state, Keahumoa Place will create new inventory of rental units and build a new community for so many residents,” said Karen Seddon, regional vice president, The Michaels Development Company. “This project is the collaborative result of what can be accomplished when we all work together. Thanks to Governor Ige, Hawaii Housing Finance and Development Corporation, Mayor Caldwell, the City and County of Honolulu, and the community, we are able to help address the needs of Hawaii’s hardworking families.”
The development sits on 19.72 acres of land, and will have 37 two-story garden-style buildings
“Keahumoa Place is a prime example of how my administration has attracted more private investment in Hawaii by engaging with companies such as The Michaels Organization, to construct more affordable housing for our residents,” said Gov. David Ige. “There is no better place for this new affordable rental community than on previously vacant state land in the fastest growing region in the state and within close-proximity to rail stations, public transportation and employment centers,” he added.
The project remains affordable for 65 years.
More than 80 percent of the apartments will be offered at rents affordable to families earning 80 percent or less of the Area Median Income (AMI), as determined annually by the U.S. Department of Housing and Urban Development (HUD).
The $26.6 million for Phase 1 is financed by a variety of sources, including equity raised by the sale of low income housing tax credits allocated by the HHFDC.
The major investor in those credits is U.S. Bank, and construction and permanent funding came from American Savings Bank, the HHFDC Rental Housing Revolving Fund and Dwelling Unit Revolving Fund, along with funds from the Freddie Mac Tax Exempt Loan program.
The community will be developed in a total of four phases.
The construction of the first three phases are underway with completion by December 2019 and the fourth phase will be completed by December 2020.
Leasing information for Keahumoa Place can be attained by emailing keahumoa@tmo.com.
