Hunt Capital Partners, UHC Close $39M in Financing for Affordable Housing Development in Hawaii
KIHEI, HAWAII — Hunt Capital Partners, in partnership with Urban Housing Communities (UHC), has closed $26 million in federal low-income housing tax credit (LIHTC) equity and $12.9 million in Hawaii state tax credit equity financing for the construction of Kaiwahine Village in Kihei. This is the fourth partnership in Hawaii for Hunt Capital Partners and UHC.
Located on the island of Maui, Kaiwahine Village will feature 118 affordable housing units for families earning up to 30, 40 and 60 percent of the area median income. The property will provide two- and three-bedroom units, as well as two employee units. On-site amenities include central laundry facilities, recreation areas, a clubhouse, courtyard and par course. Additionally, Ikaika Ohana, a non-profit managing general partner, will sponsor social and education programs at the community or at surrounding schools and community centers.
The $62.8 million project is slated for completion in early 2020. Urban Housing Communities is developing the property, Moss & Associates is serving as the master contractor, Design Partners Inc. is the architect, and Big Island Housing Foundation is the property management agent.
Hunt Capital Partners committed a total of $31.5 million in federal and state LIHTC equity. Additional funding includes a $33.2 million construction loan and a $7 million permanent loan from Citibank; a $19.7 million Rental Housing Revolving Fund loan from Hawaii Finance & Development Corp.; a $2.2 million HOME loan; and $1.3 million from Rental Housing Trust Fund program was provided by the County of Maui.