The Catholic Charities Housing Development Corporation (CCHDC) recently purchased several acres of land in Kahului on the island of Maui in order to build a rental housing complex for low-income senior citizens.
They closed the deal with Alexander and Baldwin, a Hawaiian real estate company, June 27. Catholic Charities Hawaii received 3.86 acres, but no other terms were revealed.
“We are pleased to have played a role in helping Catholic Charities Hawaii to bring more affordable housing to Maui, in particular for Maui’s seniors, who are very important to A&B,” said A&B chief real estate officer Lance Parker, as quoted in a July 10 Maui News article. “We are confident that Catholic Charities understands the needs of this special group and will provide housing that they all can truly call home.”
Called the “Kahului Lani senior affordable rental project,” the complex will have over 160 units accompanied by 260 parking stalls. The first of two building phases, it will be funded by low- income housing state and federal tax credits and a multi-family bond.
The second phase includes an 83-unit, six story complex, along with a two-story multipurpose building for Catholic Charities management offices. Construction will begin at the end of this year, and it is projected to be completed in 2020. Costs will total nearly $48 million.
Seniors ages 55 and up who “earn 60 percent or less of the county’s area median income,” according to a July 9 Pacific Business News article, are eligible to stay in the complex. The project will provide “an affordable permanent living option, offering complementary amenities” for seniors, said the Maui News.
“We are excited that this land purchase will allow us to move ahead in the development of this important facility,” CCHDC President Rick Stack said in a statement.
You Might Also Like