Hunt Capital Partners Closes $15.4 Million in Federal and State LIHTC Financing for More Affordable Housing on Maui
KĪHEI, Hawaii, March 05, 2025--(BUSINESS WIRE)--Hunt Capital Partners, in partnership with ʻIkenākea Development, Hawaiian Community Development Board (HCDB), and Mark Development, announced the closing of Hale O Pi'ikea III, the final phase of a three-phase affordable housing development in southwest Maui. Located in Kīhei, Hale O Pi'ikea III will introduce a mix of one-, two-, and three-bedroom housing options for low-income families earning up to 30%, 40%, and 60% of the Area Median Income (AMI). Phase III adds 35 affordable rental homes and one exempt manager's unit to its 187 units that are already under construction, offering a total of 223 affordable homes for families and seniors who make a range of incomes.
Hale O Pi'ikea Phase III will deliver urgently needed affordable housing to residents in Maui County, an area that has continued to grapple with a chronic housing shortage. In West Maui, an estimated shortfall of 7,000 available affordable homes was reported in 2023, a situation that was later intensified by the loss of approximately 700 affordable units due to the Lahaina wildfires. Hale O Pi'ikea Phase III will offer residents rent-restricted housing, enabling families to save up to 75% compared to market rate rents.
"Hunt Capital Partners is proud to collaborate once again with 3 Leaf Holdings, Hawaiian Community Development Board, and Mark Development to bring much-needed affordable housing to residents in Maui," said Hunt Capital Partners Funds Management Managing Director John Lee. "By reducing housing costs, families can allocate resources and focus more on other vital needs that foster improved health outcomes like healthcare, education, and nutrition."
Situated on a 1.93-acre parcel, Hale O Pi'ikea Phase III consists of four two-story garden style residential buildings with shared common spaces that include a clubhouse, picnic areas, and a playground. The apartment homes will be equipped with ceiling fans and Energy Star appliances including electric ovens, refrigerators, garbage disposals, and washer/dryers. The community will feature a range of sustainable initiatives that include storm-resistant building materials and water intrusion prevention measures, as well as the installation of solar power systems and water-efficient landscaping and fixtures.
Residents will benefit from free, on-site services ranging from financial literacy and money management programs to homeownership education and parenting programs. Additionally, one of the housing units will be set aside for a household experiencing homelessness and will receive specialized case management through Malama Na Makua A Keiki, an established direct service provider on Maui.
"We are extremely pleased to be working with Hunt Capital Partners on the 3rd Phase of our Hale O Pi'ikea Affordable Housing community located in Kīhei," said ʻIkenākea Development Principal Chris Flaherty. "Hunt Capital Partners brings a great team to the table in sourcing the right investors for our projects. They understand Hawaii and the differences that exist between islands and their communities and provide us a great strategic partnership that we value."
The development team consists of ʻIkenākea Development as managing general partner, HCDB as co-managing general partner, and Mark Development, Inc. as the administrative general partner and property management agent. Moss & Associates, LLC is the general contractor and Design Partners Incorporated is the architect of record.
Hale O Pi'ikea Phase III will be financed, in part, with $10.3 million in federal 9% Low-Income Housing Tax Credits (LIHTCs) and $5.2 million in Hawai'i state LIHTC. Bank of Hawai'i provided $12.5 million in construction financing and $3.3 million in permanent financing. Hawai'i Housing Finance and Development Corporation provided $6.8 million in soft financing through its Rental Housing Revolving Fund. The County of Maui provided $3.5 million in soft financing sourced from a HOME loan, an American Rescue Plan loan, and a Housing Trust Fund loan. HCDB provided $1.9 million in soft financing through its Affordable Housing Fund grant.
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 not only improves the living conditions of its residents, but it also helps to remove obstacles that stand in the way of creating a healthy, safe and stable home environment for low-income families and seniors. When families spend less on housing related expenses, they have more resources available for other essentials such as food and clothing, or even extracurricular activities and educational programs. One of the most significant benefits to 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 $3.8 billion in tax credit equity in over 48 proprietary and multi-investor funds. HCP manages over 800 project partnerships representing over 80,000 homes 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.
About ʻIkenākea Development
ʻIkenākea is a Hawaiian word that encapsulates having great wisdom and a specific vision for the community & then aiming to breathe this vision into existence in the community. ʻIkenākea Development is a real estate development company deeply rooted in the rich traditions and values of Hawaii. We are stewards of the land, inspired by the philosophy of Aloha ʻĀina - the profound love and respect for the land. This inspiration is drawn from the first Hawaiians who arrived on these shores, bringing with them a profound reverence and connection to their environment. Hawaii's indigenous people, the descendants of these early Polynesian settlers, have carried forward the legacy of their forebears, understanding that the land is not just a resource to be exploited, but a precious entity to be cherished and preserved. To date, ʻIkenākea has created over 2,500 residential units spanning over 37 different projects with almost 2,000 units in the pipeline in Hawaii currently.
At ʻIkenākea, we honor these traditions and embrace the wisdom of these ancient Polynesian pioneers. We recognize that development need not come at the cost of the land; it can thrive in harmony with it. Thus, we proudly embrace Hawaiian values to create sustainable communities that stand as living testaments to our commitment to the land, culture, and people.
View source version on businesswire.com: https://www.businesswire.com/news/home/20250305706640/en/
Contacts
MEDIA CONTACT Carolyn BakerSenior Vice President, Corporate CommunicationsHunt Companies, Inc.carolyn.baker@huntcompanies.com
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Yahoo
2 days ago
- Yahoo
Opinion - Defunding Energy Star will harm small businesses and US competitiveness
The recent announcement by the administration to defund the Energy Star program is an alarming development for small and mid-size businesses that have relied on its benchmarks for over 30 years. From a purely business perspective, the elimination of Energy Star isn't merely about labels on appliances; it directly impacts operational costs, performance consistency and market competitiveness. The Energy Star program stands as a remarkably successful example of a public-private partnership that delivers substantial, measurable benefits to American consumers and businesses and the environment. Energy Star has long provided clear and reliable standards that have enabled small businesses to make informed investments in energy-efficient products. This clarity translates into direct financial savings, reducing energy expenses by up to 30 percent according to the Environmental Protection Agency's own data. Especially for small businesses operating on tight margins, these savings aren't trivial — they represent critical capital that can be reinvested into core business activities such as product development, hiring additional employees or expanding market reach. Beyond immediate cost reductions, Energy Star has established an essential standardization in measuring and reporting appliance and equipment performance. Small business owners have relied on these standards to make purchases confidently, knowing they are investing in products that perform efficiently and reliably over their lifespan. Without the program, businesses face increased uncertainty, leading to potentially costly investments in substandard products that fail to deliver the promised efficiency and reliability. Consumer trust, a crucial component of market competitiveness for all businesses, is also at risk. The label is widely recognized and trusted by a majority of American households, signaling verified quality and efficiency. Its absence would likely result in an influx of misleading performance claims and unverified efficiency assertions, damaging consumer confidence and creating a competitive environment where cutting corners becomes commonplace. This race to the bottom ultimately harms businesses committed to genuine quality and performance standards. Moreover, from an economic standpoint, the return on investment provided by the program speaks for itself — every federal dollar spent on the program results in approximately $350 in cost savings for businesses and consumers alike. Small businesses particularly benefit from these savings, which enhance profitability, improve cash flow and bolster overall economic resilience. The decision to defund Energy Star appears driven less by fiscal prudence and more by an ideological stance against terms like 'climate change' and 'sustainability.' However, dismissing these concepts as mere political rhetoric overlooks the substantial and proven economic benefits they offer businesses and consumers. Efficiency and sustainability are practical, financially responsible strategies that reduce operational costs, strengthen consumer confidence and enhance long-term business viability. Ultimately, maintaining funding for Energy Star isn't about ideological debates, it's a smart business decision that helps American businesses and consumers. Preserving a program that has demonstrably reduced costs, standardized performance and protected consumer trust should be a straightforward choice for any administration committed to the economic health and competitiveness of American small businesses. Michael Green is a senior advisor on climate and energy policy at the American Sustainable Business Network. Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
The Hill
2 days ago
- The Hill
Defunding Energy Star will harm small businesses and US competitiveness
The recent announcement by the administration to defund the Energy Star program is an alarming development for small and mid-size businesses that have relied on its benchmarks for over 30 years. From a purely business perspective, the elimination of Energy Star isn't merely about labels on appliances; it directly impacts operational costs, performance consistency and market competitiveness. The Energy Star program stands as a remarkably successful example of a public-private partnership that delivers substantial, measurable benefits to American consumers and businesses and the environment. Energy Star has long provided clear and reliable standards that have enabled small businesses to make informed investments in energy-efficient products. This clarity translates into direct financial savings, reducing energy expenses by up to 30 percent according to the Environmental Protection Agency's own data. Especially for small businesses operating on tight margins, these savings aren't trivial — they represent critical capital that can be reinvested into core business activities such as product development, hiring additional employees or expanding market reach. Beyond immediate cost reductions, Energy Star has established an essential standardization in measuring and reporting appliance and equipment performance. Small business owners have relied on these standards to make purchases confidently, knowing they are investing in products that perform efficiently and reliably over their lifespan. Without the program, businesses face increased uncertainty, leading to potentially costly investments in substandard products that fail to deliver the promised efficiency and reliability. Consumer trust, a crucial component of market competitiveness for all businesses, is also at risk. The label is widely recognized and trusted by a majority of American households, signaling verified quality and efficiency. Its absence would likely result in an influx of misleading performance claims and unverified efficiency assertions, damaging consumer confidence and creating a competitive environment where cutting corners becomes commonplace. This race to the bottom ultimately harms businesses committed to genuine quality and performance standards. Moreover, from an economic standpoint, the return on investment provided by the program speaks for itself — every federal dollar spent on the program results in approximately $350 in cost savings for businesses and consumers alike. Small businesses particularly benefit from these savings, which enhance profitability, improve cash flow and bolster overall economic resilience. The decision to defund Energy Star appears driven less by fiscal prudence and more by an ideological stance against terms like 'climate change' and 'sustainability.' However, dismissing these concepts as mere political rhetoric overlooks the substantial and proven economic benefits they offer businesses and consumers. Efficiency and sustainability are practical, financially responsible strategies that reduce operational costs, strengthen consumer confidence and enhance long-term business viability. Ultimately, maintaining funding for Energy Star isn't about ideological debates, it's a smart business decision that helps American businesses and consumers. Preserving a program that has demonstrably reduced costs, standardized performance and protected consumer trust should be a straightforward choice for any administration committed to the economic health and competitiveness of American small businesses. Michael Green is a senior advisor on climate and energy policy at the American Sustainable Business Network.
Yahoo
4 days ago
- Yahoo
Lawmakers band together to save Star on appliances
(WKBN) – If you've bought an appliance in the last few decades, you've seen the Energy Star sticker on packaging. The emblem has been around since 1992 and lets consumers know their new appliance is energy-efficient, could save them money on energy bills, and could also come with a rebate. According to the Associated Press, the Environmental Protection Agency, under the Trump Administration, plans to eliminate the Energy Star program. The proposed program cut is part of the EPA's reorganization. EPA has not confirmed when the program would end or what new guidelines might replace it. Trump's proposed budget asks that Congress eliminate the EPA's entire Atmospheric Protection Program, which houses the offices that run Energy Star. The budget described the program as 'an overreach of Government authority that imposes unnecessary and radical climate change regulations on businesses and stifles economic growth,' the Associated Press reported. U.S. Senator John Fetterman (D-PA) joined colleagues in Congress in writing a letter to the Trump Administration asking him to reverse course on ending the program. In their letter, the senators highlighted the cost-saving benefits of the program, which is projected to save the average American household $450 on utility bills each year simply by choosing ENERGY STAR-certified products. Fetterman and his colleagues said that the Energy Star program is the epitome of an 'effective public-private partnership.' EPA Administrator Lee Zeldin said during a hearing that the Energy Star program is an example of one that can be run outside of the government. Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
