Hale Nā Koa ‘O Hanakahi will provide affordable homes for residents 62 and older, with a preference for veterans or surviving spouses, in Hilo, Hawaii.
The 92-unit development, covering approximately 5.6 acres provided by the county of Hawaii, is the first of its magnitude on the Big Island. In addition to housing, there will be a community center on the property for residents, providing amenities such as a multipurpose room and gym.
Set to open this fall, Hale Nā Koa ‘O Hanakahi is the culmination of a 20-year mission for the Hawaii Island Veterans Memorial. To make its vision a reality, the small nonprofit partnered with developer EAH Housing.
“This senior affordable housing development is special because it will create a close-knit community for those who served our country,” says Welton Jordan, chief real estate development officer at EAH.
There are affordable housing properties for seniors and others built for veterans of all ages, but Hale Nā Koa ‘O Hanakahi is unique because it will be home to senior veterans or their surviving spouses, notes Jordan.
The one-bedroom apartments will serve residents earning between 30% and 80% of the area median income. Fifty units will receive project-based Section 8 rental assistance, including five Veterans Affairs Supportive Housing vouchers.
Financing for the $58.8 million Hale Nā Koa ‘O Hanakahi, which loosely means “house of the warrior,” includes Hawaii’s Hula Mae bond program with Bank of Hawaii loans, housing tax credits, and county support.
