High-Cost Metro
Stanford Carr Development’s Halekauwila Place adds 204 affordable housing units in one of the nation’s most expensive metros—Honolulu. Residents must earn less than 60 percent of the AMI—no more than $41,760 a year for an individual or $59,580 for a family of four. The development has received more than 1,000 renter applications.
Not the Mainland
According to the 2011 Hawaii Housing Planning Study, the state needs 50,000 housing units to meet its estimated population growth by 2016. “It’s been a compounded problem for decades,” says Stanford Carr, president of the Honolulu-based firm. “We have different challenges than our counterparts in the contiguous United States.”
Varied Layout
The development, which opened in April and was expected to be fully leased in 90 days, includes a mix of studio, one-, two-, and three-bedroom units. Five of the units are townhomes bordering the parking garage, while the remaining 199 units are in the project’s 19-story high-rise. Halekauwila Place is located two blocks from downtown Honolulu.
High-Tech Amenities
The development includes a wealth of amenities and cost-saving features, including solar panels that generate hot water. The developer created a bundled program so residents have discounted Internet, cable, and phone. And a computer innovation lab is being created for families. “This is probably one of the most gratifying projects we’ve ever developed,” says Carr.
Team Financing
The $71 million project was financed in collaboration with the Hawaii Community Development Authority and the Hawaii Housing and Finance Development Corp. Funds included a HUD 221(d)(4) loan, private-activity bonds, LIHTCs, and state housing tax credits. PNC Bank provided the federal equity, while American Savings Bank purchased the state credits.
