Phase II of 156-Unit Affordable Housing Community Begins Construction in Līhu‘e, Kaua‘i for Low-Income Families
'With construction now underway, 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 Līhu'e,' said Chris Flaherty at ʻIkenākea Development.
The initiative serves as a critically needed addition to the region's housing infrastructure, providing relief for families who earn up to 30%, 40%, 50%, and 60% of the Area Median Income (AMI). The community will set aside a total of 14 homes for extremely low-income households at 30% of the AMI. Thirty-one of the homes will be supported by 20-year Section 8 project-based rental assistance contracts.
'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 ʻIkenākea Development. 'With construction now underway, 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 Līhu'e.'
Uahi Ridge emerges at a critical time as housing shortages continue to impact the economic and social fabric of Hawai'i. On Kaua'i, statistics reveal that the island faces a shortfall of 1,400 affordable homes for low-income residents, with median home prices exceeding $1 million, putting homeownership out of reach for many. Renters in Kaua'i County need to work 2.3 full-time jobs with the mean hourly wage of $19.92 per hour to affordably maintain a two-bedroom home with market-rate rents.
"Uahi Ridge represents our commitment to bring affordable housing to families throughout Hawai'i's counties, Kaua'i now included," said Dana Mayo at Hunt Capital Partners. "We appreciate the opportunity to direct tax credit equity to assist our development partners in Hawai'i 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."
The development team has thoughtfully designed the community and its homes, incorporating a variety of features that enhance its appeal. 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 ADA-compliant units for enhanced inclusivity.
Once completed, Uahi Ridge will be set to achieve LEED Silver certification by incorporating Energy Star-certified appliances, LED lighting, photo voltaic (PV) solar panels, and infrastructure for future electric vehicle (EV) charging stations. These features not only reduce environmental impact but also help lower living costs for residents by optimizing energy efficiency.
The development team, Mark Development, Inc. and ʻIkenākea Development, brings with them an extensive background of affordable housing with communities developed across the state. In addition to their role as developer, Mark Development, Inc. will also serve as property manager. 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.
To help make the development a reality, 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 Hawai'i state LIHTC, and $600,000 in Solar Tax Credits syndicated by Hunt Capital Partners, with JPMorgan 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, Kaua'i County, and the Hawai'i Housing Finance Development Corporation (HHFDC) through its Rental Housing Revolving Fund.
Environmental Social and Corporate Governance ('ESG') Investing
Hunt Capital Partners recognizes that its institutional investors are seeking to increase the social value of their investments to help further their ESG initiatives. Investment in affordable housing improves the living conditions of its residents. It helps remove obstacles that impede creation of a healthy, safe, and stable home environment for low-income families and seniors' families spend less on housing-related expenses, they have more resources for other essentials such as food and clothing, extracurricular activities, and educational programs. One of the most significant benefits of providing quality affordable housing is an increase in an individual's physical and mental health. Hunt Capital Partners' affordable housing investments create a lasting effect on the people and communities they serve for generations to come.
About Hunt Capital Partners
Hunt Capital Partners (HCP) is the tax credit syndication division of Hunt Companies, Inc. (Hunt). HCP specializes in the sponsorship of Federal and State Low-Income Housing, Historic, and Solar Tax Credit Investments funds. Since its inception in 2010, HCP has raised over $3.9 billion in tax credit equity in over 48 proprietary and multi-investor funds, financing development in 48 states and territories. Founded in 1947, Hunt is a privately held company that invests in businesses focused in the real estate and infrastructure markets. The activities of Hunt's affiliates and investors include investment management, asset management, property management, development, construction, consulting and advisory. For more information on HCP, please visit www.huntcapitalpartners.com, or for Hunt, please visit www.huntcompanies.com.
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