Kehaulani Cerizo’s article, 90-unit affordable rental project gets nod from committee, comments about our Hale O Pi’ikea project.
Here is an excerpt from the March 4, 2021 article in the Maui News:
Developers of a 90-unit affordable housing project in Kihei are seeking nearly $6 million from the county’s Affordable Housing Fund to help acquire land for the project.
The Maui County Council’s Budget, Finance and Economic Development Committee voted 9-0 Wednesday to recommend the funds, which would go to the Hawaiian Community Development Board to purchase about 9 acres at Piikea Avenue and Liloa Drive.
The parcel is the future site for Hale O Pi’ikea, a proposal by developer ‘Ikenakea Development LLC in partnership with Hawaiian Community Development Board and 3 Leaf Holdings for two four-story buildings with one-, two-, and three-bedroom apartments. A community resource center and other common areas would be included.
Project developers are planning to construct 90 units, with nine designated for residents earning at or below 30 percent of the area median income, nine at or below 50 percent AMI, 71 units at or below 60 percent AMI and one unit for an on-site property manager. The affordability period is 61 years, according to county documents.
Net monthly rent would range from $420 in the 30 percent AMI category to $1,293 in the 60 percent AMI category, based on the Department of Housing and Human Concerns’ 2020 Affordable Rent Guidelines.
Please read full article here.