A South Kohala project, adding 140 family rentals to the Big Island’s affordable housing stock, moved another step forward this week.
The Hawaii County Council on Wednesday approved a resolution authorizing the director of finance to negotiate a 68-year lease with Pacific Housing Assistance Corporation/Kamakoa Nui Limited Partnership to develop Na Hale Makoa in Waikoloa Village.
“The Office of Housing and Community Development is pleased to see Na Hale Makoa reach this milestone and eagerly awaits the blessing and turning of the earth to mark the official start of construction of these much-needed affordable housing units,” Housing Administrator Susan Kunz wrote in a news release.
Na Hale Makoa will be located on 10 acres of county-owned land on the northern end of Waikoloa Village, within the existing Kamakoa Nui subdivision.
Construction is anticipated to get underway with a groundbreaking, followed by commencement of site work in the spring of 2024. Na Hale Makoa expects to begin welcoming families in the summer of 2025.
The development will provide affordable rental housing opportunities for households earning up to 140% of the area’s median income.
The $82.3 million project is funded by the Hula Mae Multi-Family Bond Program, Low-Income Housing Tax Credit Program, Rental Housing Revolving Fund Program, County of Hawaii Affordable Housing Production Program and 30 vouchers awarded by the Office of Housing and Community Development.
According to a 2019 study, the county needed to add 10,796 affordable housing units by 2025 to meet the community’s needs.
The Office of Housing and Community Development anticipates the completion of 159 units in 2023, followed by an additional 217 units in 2024.
In 2024, construction is expected to commence on about 650 units that will be completed in 2025 and 2026. That’s in addition to the construction of a loop road that will open development of over 640 units at Kamakoa Nui in Waikoloa Village.