Affordable Housing Projects in Honolulu, Mililani Mauka Receive $4M in Tax Credits
- Jul 28, 2014
The Hawaii Housing Finance and Development Corp. (HHFDC) has awarded a total of $4 million in federal and state Low-Income Housing Tax Credits for the construction of two affordable apartment complexes in Honolulu and Mililani Mauka.
Located at 1025 Waimanu St. in Honolulu’s Kakaako neighborhood, the 84-unit Ola Ka Ilima Artspace Lofts project has received $2.1 million, of which $1.4 million was granted as federal tax credits and $712,500 as state tax credits.
Reserved for artists earning between 30 and 60 percent of the area median income, the new complex is being developed by Artspace, a Minnesota-based nonprofit real estate developer, in partnership with the Ford Foundation. The companies are also collaborating with the PAI Foundation, whose mission is to preserve and perpetuate Hawaiian cultural traditions for future generations.
“A first of its kind in Hawaii, the Ola Ka Ilima Artspace Lofts project serves our goals to generate more affordable housing opportunities through public-private partnerships,” Gov. Abercrombie said in a news release. “At the same time, we are able to support culture and the arts, which has a lasting benefit to the people of Hawaii. We are especially pleased to be working with the PA‘I Foundation and Executive Director Vicky Holt Takamine and President Kawika McKeague in support of Native Hawaiian cultural resources and Hawaii’s arts communities.”
According to the Pacific Business News, the $38 million project is being built on an empty parking lot owned by the HCDA. Upon completion in 2017, the residential complex will feature one-, two- and three-bedroom units in two eight-story buildings. Artspace is also planning to develop a two-story commercial component at the site, which will include 6,000 square feet of leasable space and 96 parking spaces.
HHFDC has also announced the allocation of an approximately $1.8 million grant for the construction of Meheula Vista 1, a 75-unit affordable senior rental complex in Mililani Mauka.
Developed by the Catholic Charities Housing Development Corp., the project received $1.2 million in federal credits and $597,845 in state credits.
The building, which is slated to rise on state land, will be the followed by three additional senior rental developments totaling another 225 units.
“With Hawaii’s population continuing to live longer, we owe it to our older residents to ensure there are opportunities for them to age in place, remain active and enjoy quality lives as engaged members of their communities to the benefit of us all,” Gov. Neil Abercrombie said. “I commend our state HHFDC team and the Catholic Charities Housing Development Corp. for working together to provide our kupuna additional affordable rent options close to family and friends.”
Photo credits: Artspace