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Low-income apartment tower in Kakaako opening soon

By Star-Advertiser staff

LAST UPDATED: 04:33 p.m. HST, Apr 01, 2014

A new low-income affordable rental apartment tower in Kakaako called Halekauwila Place is expected to welcome its first residents April 14, becoming the newest place to live in Honolulu's urban core.

The 19-story tower with 204 apartments is expected to be 100 percent occupied. Project developer Stanford Carr said he received over 1,000 rental applications that are still being reviewed.

"We're basically oversubscribed," he said.

Monthly rents range from $956 for studios to $1,389 for three-bedroom units.

To be eligible to live at Halekauwila Place, households may not earn more than 60 percent of Honolulu's median family income, which equates to $40,260 for a single person or $57,480 for a couple with two children.

The $70 million project was developed on state land and financed by $28 million in federal and state low-income housing tax credits, a $26 million loan from the federal Department of Housing and Urban Development and a $17 million loan from the Hawaii Community Development Authority.

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cojef wrote:
As usual over subscribed.
on April 1,2014 | 02:27PM
Maneki_Neko wrote:
That shows how much demand there is for affordable housing, in this case rentals. Notice also that federal and state tax credits and subsidies are required to produce this building and it was developed on state land. If you guys want this type of affordable housing just know that your taxes are paying for somebody else's low rent.
on April 1,2014 | 04:12PM
CEI wrote:
Maneki_Neko You hit the nail on the head. Whenever the federal and or state government "loans" money to this type of venture the actual money comes from taxpayers. The last paragraph of the article says it all. Government has no money that is not first taken from those who actually work and pay taxes.
on April 2,2014 | 01:45AM
thefloridakays wrote:
Damm... that means that the median income for a single person is $67,000 in Hawaii. Where do I sign up?
on April 1,2014 | 05:13PM
solobiker1 wrote:
In ten years they will kick out the low income and sell at market price
on April 1,2014 | 06:59PM
sailfish1 wrote:
I just hope that they manage the renters properly - i.e. verify renters' incomes, net worth, family size, and who is working and who isn't. Total income and net worth should be checked periodically to insure that truly low income families are renting there.
on April 1,2014 | 07:43PM
Ronin006 wrote:
The project was financed with $28 million in federal tax credits and $43 million borrowed from the federal and state governments. I would be interested in knowing how Stanley Carr intends to pay off the borrowed money.
on April 1,2014 | 07:49PM
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