Waikoloa Family Affordable Rental Development Breaks Ground
The nonprofit Coalition for Specialized Housing recently broke ground on its new affordable housing development, Waikoloa Family Affordable, located in Waikoloa Village on Hawai´i Island. The Waikoloa Family Affordable Rental will feature a mix of townhomes and flats, with a total of 110 rental units and one manager unit, laundry room and manager office.
Located adjacent to Makana Kai, the Waikoloa Family Affordable Rental project will be comprised of eight two-story buildings with four units each and 10 two-story buildings with eight units each. A mix of one- and two-bedroom units will be offered. Each unit will have a solar hot water system and be partially furnished with a range/oven, refrigerator/ freezer, and garbage disposal.
“It was a long process and we would not be at this point without the support from the state and county,” said Project Coordinator Andrew Furuta.
Projected monthly net rents will range from $350 for a one-bedroom unit and $800 for a two-bedroom unit. Of the total units, 104 will be reserved for working families earning 60 percent or less of the area median income. Six units will be for households earning up to 30 percent of the median income.
The total project cost is $45 million. Financing for the project is provided by the state Hawaii Housing Finance & Development Corp., First Hawaiian Bank, HHF LLC, and Coalition for Specialized Housing. Locations LLC Property Management Division will serve as the property manager.
”Waikoloa Family Affordable will be our first project on the Big Island, and will help meet the growing need for affordable housing for Hawaii families,” said Coalition for Specialized Housing President Wallace Inglis. “We are thankful for and appreciate all of the assistance we received to make this project possible.”
Coalition for Specialized Housing is a 501(c)(3) and its mission is to promote through education and charitable activities the provision of affordable housing for the people of Hawai´i. Its programs develop and operate safe decent housing at reasonable rents for low and moderate-income people of Hawai´i, and those with disabilities and Hansen’s disease patients.
Waikoloa Family Affordable Rental is expected to be complete in the spring of 2023.