Mahalo for supporting Honolulu Star-Advertiser. Enjoy this free story!
A housing development arm of Catholic Charities Hawaii announced Monday that it plans to start building half of a $48 million rental housing complex for low-income seniors on Maui by the end of this year.
The nonprofit Catholic Charities Housing Development Corp. bought
3.9 acres in Kahului from Alexander &Baldwin Inc. on June 27 for a 165-unit complex in a pair of six-story buildings.
A purchase price was not disclosed.
One building with
82 apartments will comprise the first phase and is expected to be finished in 2020. There is no timetable yet for a second phase with 83 units and a two-story multipurpose building with space for Catholic Charities to provide programs and services for
residents.
The project, called
Kahului Lani, featuring one-bedroom apartments, will be reserved for seniors who are at least
55 years old and earn no more than 60 percent of Maui’s annual median income. The income level translates to $39,660 for
a single person or $45,360 for a couple. Maximum monthly rent would be $1,062 if units were ready this year.
Catholic Charities was able to finance the first phase mainly with state
assistance through the
Hawaii Housing Finance and Development Corp., a state agency that provided $24 million in revenue bonds, a $14.5 million rental housing revolving fund loan, $1.2 million in state low-income housing tax credits and the same amount in federal credits.
A&B had planned to
develop a 103-unit condominium complex on the site that was once home
to a go-kart operation and is between Kahului Shopping Center and Queen Kaahumanu Shopping
Center. The real estate
development firm offered initial units for sale in 2006, but the national housing market downturn and
economic recession
around 2008 derailed the company’s plan and led to the land sale to Catholic Charities.
77