Developer breaks ground on new affordable rental project in Kapolei
By Taryn Mitchell
HNN Summer Intern
KAPOLEI (HawaiiNewsNow) -- Construction kicked off Monday on a new, 320-unit affordable housing complex in Kapolei.
Keahumoa Place will feature 37, two-story buildings, open space and 628 parking spaces. Amenities will include a community center with a multi-purpose room, picnic area and pet park.
The complex will be located on 20 acres of land along Keahumoa Parkway.
The Michaels Organization has partnered up with state Housing Finance and Development Corporation to complete the project. The first phase is set to cost $27 million. Officials said three additional phases are planned, and the project will be completed by December 2020.
"With high demand and a shortage of affordable rentals across the state, Keahumoa Place will create new inventory of rental units and build a new community for so many residents," said Karen Seddon, Michaels regional vice president.
Keahumoa Place will offer one-, two-, and three-bedroom units, and families will vie for units on a lottery system.
Rents range from $587 to $2,907, depending on your income.
More than 80 percent of the units will be affordable for 65 years, targeting families earning 80 percent or less of area median income.
In Hawaii, a family at 80 percent of area median income brings in $93,280 a year. That same family would pay about $2,000 a month for a two-bedroom at the new complex.
"There is no better place for this new affordable rental community than on previously vacant state land in the fastest growing region in the state and within close proximity to rail stations, public transportation and employment centers," said Gov. David Ige.
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