A chance to rent new apartments reserved for households with lower-­moderate incomes is upcoming at a residential tower approaching completion near Ala Moana Center.

The developer of Azure Ala Moana, predominantly a condominium high-rise at Keeaumoku and Makaloa streets, expects to hold a lottery in August to select tenants for 78 affordable rental units in the tower.

Applications to enter the lottery became available Monday and will be accepted from March 1 to June 30.

The lottery to randomly select qualified applicants for tenancy is scheduled for Aug. 2, and apartments are expected to be ready for occupancy in October.

All the affordable rentals are reserved for households earning no more than 80% of the annual median household income on Oahu. That equates to $70,500 for a single person, $80,600 for a couple and $90,650 for a family of three.

Of the 78 apartments, 72 are studios ranging from 240 to 375 square feet and will rent for $1,362 a month.

Six apartments are one- bedroom units with 448 square feet to 468 square feet of living space and will rent for $1,510 a month.

Rents linked with income limits will be maintained for 30 years.

Apartments in the tower are distributed from the third to eighth and 10th to 11th floors, and are being referred to as 1518 Makaloa.

The 41-story tower also features 330 condos being sold at market prices ranging from about $550,000 to $2.2 million.

“The need for affordable housing is critical, especially following the impact of the pandemic on our community,” Rick Stack, executive vice president of Azure developer ProsPac Holdings Group, said in a statement. “We’re pleased to make 1518 Makaloa a reality, and we look forward to welcoming tenants to their new homes.”

ProsPac agreed to produce affordable rentals in the tower as a public benefit in connection with a city policy allowing towers near planned rail stations to be taller and denser than standard zoning regulations permit.

The developer was criticized in 2017 for an initial tower plan that included one entryway and lobby off Keeaumoku Street for condo owners, and a separate entrance and lobby for renters off Makaloa Street — a design decried by some as providing a “poor door” for lower-income renters.

Following the public outcry and concern from the Honolulu City Council, ProsPac redesigned its plan so that entryways lead to both lobbies through an internal corridor.

Still, the rental homes are regarded largely as a separate and more modestly equipped component of the tower.

For instance, a recreation deck with amenities that include a pool, spa, movie theater, fitness center, barbecue pavilions and a dog park are not part of 1518 Makaloa.

Rental units also are considerably smaller, and are equipped with under-­counter refrigerators and two-burner cook-tops.

Rental applications are available through property management firm Hawaiian Properties Ltd. at 1165 Bethel St. and at 1518 Makaloa.com.