Hunt Capital Partners, in partnership with Mark Development and ‘Ikenakea Development, on Tuesday announced the closing of sales in Uahi Ridge, Phase II in Lihue.
Uahi Ridge, Phase II is a three-story garden-style affordable housing community that adds 60 one-, two-, and three-bedroom affordable rental homes to the 96 units that are already under construction under Phase 1 that closed in August 2024. Uahi Ridge, in total, is offering 154 affordable homes for families, and two manager’s units, according to a press release from Hunt Capital Partners.
“We are grateful to the many partners, agencies and community members who worked alongside our team to bring Uahi Ridge to life,” said Chris Flaherty at ‘Ikenakea Development. “With construction now under way, we look forward to the day when these affordable homes are complete, and we can share in the joy they will bring to families in Lihue.”
The Uahi Ridge initiative serves as a critically needed addition to the area’s housing infrastructure, providing relief for families who earn up to 60 percent of the Area Median Income (AMI). The project community will set aside a total of 14 homes for extremely low-income households that earn 30 percent of the AMI, according to the press release.
Thirty-one of the homes will be supported by 20-year Section 8 project-based rental assistance contracts.
Kauai faces a shortfall of 1,400 affordable homes for low-income residents. With median home prices exceeding $1 million, home ownership for many is out of reach. Renters in the Kauai County need to work two and three full-time jobs with the mean hourly wage of $19.92 per hour to affordably maintain a two-bedroom home with market-rate rents, according to the press release.
“Uahi Ridge represents our commitment to bring affordable housing to families throughout Hawaii’s counties, Kauai now included,” said Dana Mayo at Hunt Capital Partners. “We appreciate the opportunity to direct tax credit equity to assist our development partners in Hawaii in delivering housing relief for low-income families. Access to affordable housing is critical to providing positive outcomes and enables local families to spend more of their hard-earned income on other essential costs.”
Mark Development, Inc. will also serve as property manager.
Residents will have access to an array of amenities, including two clubhouses, two central laundry facilities, on-site management, a playground, picnic areas, maintenance facilities, intercom entry security systems, and eight designated Americans with Disabilities Act-compliant units for enhanced inclusivity.
Once completed, Uahi Ridge will be set to achieve LEED Silver certification by incorporating Energy Star-certified appliance, LED lighting, photo voltaic solar panels, and infrastructure for future electric vehicle charging stations.
Goodfellow Bros., Inc. will be the general contractor for the site work, and Shioi Construction, Inc. will be the general contractor for the vertical construction. Bow Engineering and Development, Inc. is the civil engineer, and Marc Ventura AIA, LLP is the architect of record.
Phases I and II of Uahi Ridge utilize a cumulative $49.3 million in federal Low-Income Housing Tax Credits (LIHTCs), $24.65 million in Hawaii state LIHTC, and $600,000 in Solar Tax Credits syndicated by Hunt Capital Partners, with JP Morgan Chase as the federal tax credit investor, and First Hawaiian Bank as the state tax credit investor.
Uahi Ridge is the result of a public-private partnership with financial support from American Savings Bank, the County of Kauai, and the Hawaii Housing Finance Development Corporation.
Source: The Garden Island
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