Lets face it. Housing in Hawaii – whether you rent or own, is just too expensive. Even as recent as this month it was reported that Hawaii leads the nation in rent and housing costs. However, a recently completed apartment building in Waianae is hoping that it can offer a boost to Oahu’s affordable housing.
The second phase of Hale Wai Vista, called Hale Wai Vista II, was dedicated Thursday. The monthly rent for the 132 apartments in Waianae will range from $806 to $964. These are excellent prices, considering the fact that two and three bedroom apartments in Hawaii rarely (if ever) are rented out for this amount, even on the worst parts of the island.
The $85 million project developed with state, county and federal assistance, along with a non-profit organization called Hawaii Housing Development Corp, is helping to reduce a severe shortage of affordable housing for low-income residents, and is the latest government-assisted rental complex to come out of a pipeline that often moves slowly.
Hawaii Housing Development Corp., developed the project with about $66 million in government financing, including roughly $30 million in federal and state tax credits, a $16 million loan from the state’s Rental Housing Trust Fund, a $16 million federal stimulus grant and $3 million in federal funds allocated by the city.
Central Pacific Bank and Bank of Hawaii also made loans of $17 million and $3 million, respectively. All of these entities came together for a great cause, and hopefully they will continue on projects like these, as affordable housing in Hawaii and on Oahu in particular is desperately needed.