CONGRESSWOMAN HIRONO ANNOUNCES $19.6 MILLION IN FEDERAL FUNDING TO HELP STABILIZE COMMUNITIES AND PROVIDE AFFORDABLE HOUSING IN HAWAI`I

The federal government has released $19.6 million in funds to help stabilize communities and provide affordable housing in Hawaii.  Congresswoman Mazie Hirono said the grant comes at a crucial time for the state given the growing number of foreclosures and rising unemployment rate.  Hawai`i’s share of funds will be used to acquire and rehabilitate foreclosed residential properties.

MAUI COUNTY

In Maui County, $3 million in federal funds will be utilized to acquire, rehabilitate, and sell at least 13 foreclosed homes on the island of Maui.  Priority will be placed on acquiring homes in the higher risk foreclosure areas of North Kihei, Kahului, Lahaina, and Wailuku.

CITY AND COUNTY OF HONOLULU

$5.5 million of that funding will be used on O`ahu to develop 20 units in a 50-unit affordable rental project on vacant land in Waianae.  Those funds will also go toward the building of 8 units in a 140-unit affordable rental project on vacant land in Ewa.

HAWAI`I COUNTY

$4.8 million of federal funds will go toward developing 8 units in a 96-unit affordable rental housing project in Kaloko, on the island of Hawai`i.  The County of Hawai`i has placed a priority on the development of the Kaloko Housing Program due to the impending closure of the only homeless facility in West Hawai`i in June of this year.

KAUA`I COUNTY

$1.3 million will go toward redeveloping three county-owned residential lots on Kaua`i.  Two lots are located in Ele`ele-Kalaheo, which is a “hot spot” due to the high percentage of seriously delinquent loans and high concentration of subprime loans.  One lot is located in Kekaha-Waimea, which has experienced a decline in property values of more than 23 percent.  The County of Kaua`i’s Housing Agency will utilize an additional $2.9 million to acquire, rehabilitate, and resell foreclosed homes, giving priority to the acquisition of properties in areas with higher foreclosure rates such as Kapa`a, Koloa, Kalaheo, Lihue and Princeville.

The remainder of the $19.6 million will be utilized to cover administrative costs in all four island counties.