Funding has been secured for the third and final phase of the Hale O Piʻikea affordable, mixed-use rental housing community in Kīhei.
The 223-unit development aims to provide quality, affordable housing options for individuals and families at or below 60% of the Area Median Income.
Phase III was awarded an allocation of 9% Low-Income Housing Tax Credits and Rental Housing Revolving Funds from the Hawaiʻi Housing Finance and Development Corporation at their board meeting on Thursday, June 8.
In addition, the project received significant financial support, including close to $3.4 million in HOME Program funds and HOME-ARP funds from the County of Maui, along with nearly $1.9 million from the County of Maui’s Affordable Housing Fund Program. This substantial funding, recently approved by the County Council to be included in the Fiscal Year 2024 County Budget, ensures the successful completion of Hale O Piʻikea III.
ʻIkenākea Development is developing the third phase. The first two phases have already secured funding and will commence construction in the third and fourth quarters respectively.
The third phase of Hale O Piʻikea III includes 35 rental units that will be affordable to individuals and families at or below 60% of the Area Median Income.
The development is located on the southwest corner of Piʻikea Avenue and Liloa Drive and will include four town-home style buildings.
“On-site parking will ensure convenience and accessibility, while a dedicated community resource space will foster a sense of belonging and provide opportunities for social engagement. The development will also include open green spaces to promote a healthy and sustainable environment, and social service programs to further enrich the community’s well-being,” according to the developer.
Each unit within Hale O Piʻikea III will be equipped with modern appliances, including dishwashers and in-unit washer and dryers. The development includes bicycle parking, and is in close proximity to various services, retail shopping, restaurants, and employment opportunities within the surrounding community.
Construction for Hale O Piʻikea III’s final phase is projected to be completed by June 2025.
“Upon its successful opening, this development will contribute significantly to addressing the critical need for affordable housing on Maui,” according to the developer.