Michaels Organization Breaks Ground on $93.3M Affordable Seniors Housing Project in Downtown Honolulu
HONOLULU — The Michaels Organization, in partnership with the City and County of Honolulu and the State of Hawaii, has broken ground on Halewai`olu Senior Residences, an affordable seniors housing community in downtown Honolulu.
Scheduled for completion in 2023, the 17-story development sits on a 26,925-square-foot parcel owned by the City and County of Honolulu. The property will feature 156 one- and two-bedroom affordable rental units.
Construction of the $93.3 million project will be funded using a combination of $48 million in Hula Mae Multi-Family Tax-exempt Bonds (HMMF), $21.3 million in Rental Housing Revolving Funds (RHRF), a $10 million traditional construction loan, and equity from the sale of low-income housing tax credits. First Hawaiian Bank is the lead construction lender with participation from American Savings Bank. Hawaii Housing Finance and Development Corp. administers the HMMF and RHRF.
Halewai`olu Senior Residences will be available to seniors ages 62 and older, with rents starting at $547 per month. All of the units will be restricted to those earning between 30 percent and 80 percent of area median income.