Waikoloa Family Affordable — Hawaii Island’s newest affordable housing development — is ready for occupancy.
The project’s 110 rental units will begin filling with families this month following completion of construction of the estimated $46 million project developed by nonprofit Coalition for Specialized Housing and partner GSF LLC.
“Waikoloa Family Affordable is our first project on Hawaii Island. This low-income rental project will help provide direly needed housing to Hawaii County,” said Coalition for Specialized Housing President Jeff Emerson.
Waikoloa Family Affordable serves households earning up to 60% of area median income (AMI) as determined by the U.S. Department of Housing and Urban Development. Six units are reserved for households earning no more than 30% of AMI.
Monthly rent for a household earning 60% of AMI ranges from $941 for a one- bedroom unit to $1,108 for a two-bedroom townhouse unit. The monthly rate for the six units reserved for extremely low-income households is $405.
The development features 39 one-bedroom units, 40 two-bedroom flats and 31 two-bedroom townhouses, in addition to a manager’s unit. The units are housed in eight two-story buildings with four units each and 10 two-story buildings with eight units each. Each unit features a solar hot water system, AC, range/oven, refrigerator/freezer, garbage disposal, storage, and a parking stall.
Common amenities include an on-site resident manager and manager office, coin-operated laundry facility and access to amenities offered by the Waikoloa Village Association, including its community center, pool, and golf course.
Financing for the $46 million project came via the Hawaii Housing Finance and Development Corp., First Hawaiian Bank, HHF LLC, and the Coalition for Specialized Housing. Government assistance came via Low-Income Housing Tax Credits (LITHC), Rental Housing Revolving Fund (RHRF) allocation, and Hula Mae Multi-Family tax-exempt bonds (HMMF).
“We could not have successfully completed this project without significant support from the state Hawaii Housing Finance & Development Corporation and County of Hawaii,” noted Andrew Furuta, project manager for GSF LLC.
The need for affordable housing on Hawai’i Island is dire, and increasing the availability and accessibility of affordable housing remains Hawaii County Mayor Mitch Roth’s top priority. Per the 2019 Hawai’i Housing Planning Study, Hawai’i County needs to add 10,796 affordable housing units by 2025 to meet the community’s needs.
“The Office of Housing and Community Development is excited to see this much-needed affordable housing project begin to fill with local families,” said Housing Administrator Susan Kunz. “We are pleased to work with affordable housing developers, such as the Coalition for Specialized Housing and GSF LLC, to help these much-needed projects reach fruition as the administration continues its efforts to address the shortage of affordable housing on Hawaii Island.”
Waikoloa Family Affordable is managed by Locations Property Management, which still has units available despite holding a lottery to select tenants earlier this year. The property manager also maintains a waitlist.
Tenant requirements include the applicant household having a minimum monthly income at least 2.5 times the monthly rent, passing a credit and criminal check and providing landlord references. Applicants must also be a U.S. Citizen or permanent resident alien and occupy their unit as their primary residence.
Waikoloa Family Affordable is located at 68-3911 Makanakai Drive.
For more information, or to download an application to become a resident, visit www.locationsrentals.com.
