ʻImi Ikena Affordable Housing Project Opens TodayJanuary 24, 2014, 9:40 AM HST · Updated January 24, 9:42 AM 0 Comments
By Wendy Osher
A grand opening celebration takes place today for the ʻImi Ikena affordable housing project in Wailuku.
The four-story apartment building is located at 511 ʻImi Place and includes 28 two- and three-bedroom units.
The subject property is located north of Keōpūolani Park, mauka of Nānā Street, between ʻImi and Pio Drive in Central Maui.
Rent at the income-restricted community is based on earned income, and ranges from $417 to $913, according to EAH Housing, a non-profit affordable housing organization that partnered with ʻImi Ikena Housing Partners LLC in the development.
Developers say the project is designed for households earning between 30% and 50% of the area median income.
“We saw that there was a need for affordable workforce housing and decided to do something about it. We’re opening new opportunities for families and seniors unable to cope with the high cost of housing and encouraging community stability,” said Dave Billings, managing member of ʻImi Ikena Housing Partners LLC in a joint press release.
ʻImi Ikena Housing Partners LLC is a joint venture between DBR Development LLC, Horizon Development Consulting LLC and Affordable Housing Specialists LLC.
“The community would not have been possible without $9.4 million in proceeds from Low Income Housing Tax Credits by the Hawaii Housing Finance & Development Corporation and an award of Affordable Housing Funds from the County of Maui,” the announcement said.
HHFDC Executive Director Craig K. Hirai said the agency’s commitment to workforce housing is “critical” to the state’s continued economic growth and prosperity.
According to developers, the new apartments created between 70-80 jobs including pre-development, construction and ongoing property management positions.
“An achievement like ʻImi Ikena takes the support of countless advocates, organizations, local and state governments,” said Councilmember Michael Victorino in the announcement. “This happened because we share a belief in the power of a caring community. Mahalo to all of the neighbors for their patience, understanding and perseverance.”