EWA BEACH, HI – On October 24, State Senator Will Espero, Hawaii Housing Finance and Development Corporation Director Craig Hirai, members of the State House of Representatives, HUD officials and Honolulu Councilmembers and staff join nonprofit affordable housing developer and manager EAH Housing for the Grand Opening of Villages of Moa‘e Kῡ (VMK) Phase II.
Villages of Moa‘e Kῡ represents the next stage of the City and County of Honolulu’s vision to develop affordable rental housing in the Ewa Beach area. VMK provides affordable rental housing to more than 500 people in Ewa Beach. Developed and managed by EAH Housing, it is home to people of mixed backgrounds and professions, including preschool teachers, health care professionals, bank tellers, older adults and families.
“This has a feeling of a real community, where you see kids playing and neighbors talking story. We need more communities like this,” said Mayor Kirk Caldwell.
The completion of the second phase brings the planned three-phase community closer to the intended final total of 192 units.
“This grand opening isn’t just about the buildings,” EAH Housing President and CEO Mary Murtagh said. “This is about a parent who can come home on time and not work two jobs. This is about eliminating a choice many of us have been forced to make, choosing between paying for rent or paying for groceries.”
Built as five, two-story building clusters, each cluster of apartments surrounds a landscaped central courtyard that includes a fenced play area for children. Each building contains apartments with one, two or three bedrooms, ranging from 621 sq. ft. to 1,051 sq. ft. Each apartment is equipped with energy efficient appliances, fixtures, windows and lighting.
In 2013, Phase I of VMK opened with 64 apartments and the property’s modern community center. All residents will have access to the community center, a technology lounge scheduled to open at a later date.
EAH Housing partnered with a variety of local, state and federal agencies to develop the community. Funding of the development is provided by CDBG and HOME Programs (HUD), which are administered by the City and County of Honolulu. The County was the first financial participant in the development and provided a vital $5.5 million acquisition loan that enabled an affiliate of EAH Housing to purchase the site for the three phases.
Additional funding is administered by the Hawaii Housing Finance and Development Corporation (HHFDC), which includes the award of Low Income Housing Tax Credits (LIHTC), financing from the State Rental Housing Trust Fund, and Hula Mae Multi-Family tax-exempt bond financing.
“Affordable rental apartments like Villages of Moa‘e Ku invigorates the entire neighborhood,” said HHFDC Executive Director Craig Hirai. “Constructing communities like this drives economic growth, and instigates a meaningful dialogue between the public and private sector.”
The construction loan of Phase II is financed by U.S. Bank with the permanent loan funded by Central Pacific Bank.
“We’re pleased to partner with EAH Housing to bring much-needed affordable housing to the Ewa Beach community,” said Joshua Evju, VP with U.S. Bank Community Lending Division.
“This partnership is a tremendous success in every way,” said Central Pacific Bank VP Senior Commercial Banking Officer Lisa Nillos. “Without a doubt EAH Housing has the know-how and the work ethic to develop and manage quality affordable housing.”
Alliant Capital serves as the equity investor.
“Alliant Capital is an ardent supporter of EAH Housing and their mission of true social responsibility. Villages of Moa‘e Kῡ Phase II is a stellar example of well-designed, quality affordable housing,” said Monique Hastings of Alliant Capital – Newport Division.
Despite serving more than 500 people with Phase I and Phase II of Villages of Moa‘e Kῡ, more than 800 families remain on the waiting list for Phase II alone, indicating the dire need for affordable rental housing.
“Our mission here isn’t over. We have our eyes on the next phase for this community that will add 52 additional units, and we continue to seek other development opportunities and public-private partnerships throughout the islands,” said EAH Housing Vice President Kevin Carney.
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About Alliant Capital
The Alliant Company is a privately owned, fully integrated national finance and investment firm with offices throughout the United States. The company is comprised of three independent companies with assets under management in excess of $10.3 billion. The Alliant Company offers a comprehensive range of products and services including tax credit syndication for the development and financing of affordable housing and distributed solar energy systems, multifamily development, management and real estate ownership.
About U.S. Bank
U.S. Bank Community Lending Division, part of U.S. Bank Commercial Real Estate, provides financing to both for-profit and non-profit developers for the construction, rehabilitation and acquisition of rental housing for low- and moderate income individuals and families. One of the nation’s top lenders in this space, the group originated nearly $1.1 billion last year in loans to support the development of affordable housing across the country.
About Central Pacific Bank
Central Pacific Bank is the primary subsidiary of Central Pacific Financial Corp., a Hawaii-based bank holding company with approximately $4.7 billion in assets. Central Pacific Bank operates 37 branches and 113 ATMs in the State of Hawaii, as of June 30, 2014. For additional information, please visit the Company’s website at www.centralpacificbank.com.
About EAH Housing
Now in its 45th year of developing and managing affordable housing, EAH Housing is a well-respected nonprofit in the Western United States. With properties in 50 municipalities, EAH has developed 7,268 apartment homes and manages 111 properties, serving more than 20,000 people in Hawaii and California. Visit www.eahhousing.org for more information.