A grand opening celebration was held Monday for the Kaiāulu o Kupuohi affordable apartment project in Lahaina, Maui.
The project offers 89 affordable units at a mid-rise development located at 258 Kupuohi Street. It features 20 one-bedroom units, 34 two-bedroom units and 35 three-bedroom units for families who earn up to 60% of the area median income.
The project was made possible under a collaboration with Urban Housing Communities, LLC Ikaika ‘Ohana, and Hunt Capital Partners.
The grand opening marks Hunt Capital Partners’ 13th completed project in Hawai‘i, bringing the syndicator’s statewide footprint to a total of 859 affordable homes for low-income renter households.
“Hawai‘i renter households are severely cost burdened, spending more than half of their income on housing, and experience long waitlists due to a shortage of new affordable housing,” said Hunt Capital Partners Executive Managing Director Dana Mayo in a press release. “We are proud to work with Ikaika ‘Ohana and UHC to ensure that low-income, local residents have access to the housing they so critically need to improve their overall quality of life.”
Kaiāulu o Kupuohi units offer the standard complement of modern amenities as well as design features to improve energy conservation such as Energy Star appliances, LED Energy Star lighting, solar lighting water heating and water wise plumbing fixtures. Residents will also enjoy a community center, on-site management, a tot lot, BBQ-picnic area, laundry facilities, on-site parking, as well as ocean views for some units.
“We are so humbled and honored to be able to support the County of Maui, and especially the Lahaina community with this project,” said Ikaika ‘Ohana CEO Douglas Bigley. “We are grateful to the many hands it took to bring this project to fruition. We look forward to meeting all of the families that are moving in and watching them grow and thrive here.”
The managing general partner is UHC and the co-general partner is Ikaika ‘Ohana. Goodfellow Bros. LLC and Maryl Group Construction Inc. are the general contractors. Design Partners Incorporated is the project architect. ThirtyOne50 Management LLC is the management agent.
The total development cost for Kaiāulu o Kupuohi was $64.6 million. Hunt Capital Partners provided $21.9 million in federal and $8.1 million in Hawai‘i state low-income housing tax credit equity for Kaiāulu o Kupuohi.
Hunt Capital Partners facilitated the sale of federal and state tax credits through Hunt Capital Partners Tax Credit Fund 29, a proprietary fund with the Bank of Hawai‘i, and Hunt Capital Partners Tax Credit Fund 41, a multi-investor fund.
Other funding sources include the Bank of Hawai‘i, who provided a $27.6 million construction loan and an $8.2 million construction to permanent loan, the Hawai‘i Housing Finance and Development Corporation who provided $17.1 million in Rental Housing Revolving Funds, Maui County who provided a $6.4 million permanent loan and Ikaika ‘Ohana who provided a $725,952 permanent loan.