POSTED: 01:47 p.m. HST, Apr 01, 2014
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.