Kaiāulu o Kūku‘ia Brings Housing Relief to 200 Local Families

Lahaina, MAUI, October 16, 2025 --- Blieu Companies and non-profit Ikaika ‘Ohana, in collaboration with development and financial partners, celebrated the grand opening of Kaiāulu o Kūku‘ia at a blessing ceremony held today from 10:00am to 2:00pm. Located at 101 Kūku‘ia Street near the Lahaina Bypass Highway, the 200-unit affordable housing development is comprised of 25 garden-style buildings that offer 100 two-, 75 three-, and 25 four-bedroom apartment homes. Kaiāulu o Kūku‘ia represents the first permanent multifamily affordable housing development in Lahaina to introduce newly built residences for local families following the 2023 wildfires, making it a significant advance in the stock of Maui’s housing solutions.

The development adds 200 high-quality housing options in Maui County, an area that has not only continued to face a chronic housing shortage but has been intensified due to more than 2,000 housing units that were lost in the 2023 wildfires. High housing costs in Maui County have put homeownership out of reach for many and, according to the National Low-Income Housing Coalition, local families need to work 3.2 minimum-wage jobs to afford a two-bedroom apartment at market rent. Kaiāulu o Kūku‘ia offers rent-restricted homes for 197 families who earn up to 30%, 40%, 50%, and 60% of Area Median Income (AMI), enabling residents to save an average of 53% in annual rent compared to market rate options. Three additional units are exempt manager’s units.

“Our mission is to create developments that give back more than they take—attractive places that enhance the lives of our tenants, strengthen surrounding communities and serve working families,” said Douglas Bigley, President & Director at Ikaika ‘Ohana. “Kaiāulu o Kūku‘ia is designed to be energy-efficient, welcoming, and rich with amenities that bring people together. By fostering connection and accessibility, we designed Kaiāulu o Kūku‘ia to be a net contributor to the Lahaina area.”

Kaiāulu o Kūku‘ia recently earned LEED Gold certification for its sustainable design—recognizing excellence in water conservation, energy efficiency, materials use, and indoor environmental quality—providing tenants with healthier, more comfortable, and cost-saving homes. Each home features a balcony or patio, air conditioning, energy-efficient ceiling fans, and modern kitchens fully equipped with a refrigerator, range/oven, dishwasher, and garbage disposal. Kaiāulu o Kūku‘ia offers numerous shared common areas such as a clubhouse with kitchen, dining and meeting space, a teen room, a classroom, playgrounds for all ages, BBQ and picnic areas, onsite management, a community garden, social service offices, and laundry facilities throughout the site.

Ikaika ‘Ohana will provide free on-site social and educational programs that are designed to meet the needs of tenants. Led by an onsite community program coordinator, the initiative will engage residents and Lahaina neighbors through surveys and focus groups to shape responsive, community-driven programming. In collaboration with local organizations and volunteers, these services will promote health, education, economic independence, and family and senior well-being.

Kaiāulu o Kūku‘ia also features a Bezos Academy preschool, which will offer year-round, full-day, Montessori-inspired programming for children 3-5 years old, at no cost to families served.

To commemorate the event, government officials, residents, and key project partners provided remarks, which included speeches from:

• HHFDC Executive Director Dean Minakami
• Lieutenant Governor Sylvia Luke
• Maui County Mayor Richard Bissen
• Maui County Council Chair Alice Lee
• Maui County Councilmember Tamara Paltin
• Bezos Academy President Miguel Roque
• Hunt Capital Partners President Jeff Weiss
• CVS Health® Head of Impact Investment Strategy Keli Savage
• Bank of Hawai‘i SVP & Affordable Housing Manager Christopher Abbott
• Ikaika ‘Ohana President & Director Douglas Bigley

Following the blessing ceremony, guests participated in guided property tours and enjoyed live entertainment from musician Kamalei Kawa'a. Meals from local community businesses such as Aloha Plate, Star Noodle, and Teppanyaki To-Go, a resident-owned restaurant, were offered to all attendees.

Kaiāulu o Kūku‘ia was financed, in part, with $83 million in federal Low-Income Housing Tax Credits (LIHTC) and $41 million in Hawai‘i state LIHTC syndicated by Hunt Capital Partners with equity from a network of investors that include Bank of Hawai‘i, CVS Health, First Hawaiian Bank, Central Pacific Bank, American Savings Bank, First Insurance Company of Hawai‘i, and Hawai‘i Employers Mutual Insurance Company.

“Access to safe, affordable housing is foundational to better health outcomes. Our investment in Kaiāulu o Kūku‘ia reflects our commitment to supporting resilient communities and helping families rebuild with dignity and stability,” said Keli Savage, Head of Impact Investment Strategy at CVS Health. “We’re proud to stand alongside our collaborators in bringing lasting, meaningful change to the community of Lahaina.”

Other financing sources included an $84 million construction loan and a $21 million permanent loan from Bank of Hawai‘i, with participation in the construction loan from Central Pacific Bank and Finance Factors, as well as a $37 million soft loan from the Hawai‘i Housing Finance Development Corporation through its Rental Housing Revolving Fund.

“Bank of Hawaii is honored to support the Kaiāulu o Kūku‘ia project and the families beginning a new chapter at this development,” said Christopher Abbott, Senior Vice President and Senior Affordable Housing Manager at Bank of Hawai‘i. “Affordable housing is a cornerstone of recovery for Lahaina, and Bank of Hawai‘i remains committed to investing in projects that bring lasting stability and dignity to our communities.”

Blieu Companies and Ikaika ‘Ohana jointly led as developer and managing general partner, leveraging their extensive regional expertise in affordable housing development. Construction was executed by Maryl Group Construction, Inc. for vertical development and Goodfellow Bros, Inc. for site work. Design Partners Incorporated served as the architect of record and ThirtyOne50 Management, LLC is the property management agent.

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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.

About Blieu Companies

Blieu is a mission-driven affordable housing developer and owner dedicated to building resilient, inclusive, and sustainable communities across California and Hawai‘i. In today’s challenging housing landscape—marked by inflation, construction shortages, and rising demand for affordability—Blieu continues to advance innovative, mixed-finance developments that meet the evolving needs of residents, local governments, and investors. Through strong public-private partnerships, collaboration with nonprofit service providers, and a deep understanding of local contexts, Blieu delivers high-quality multi-family housing that is both economically viable and socially impactful, ensuring long-term affordability without compromising design or livability. Beyond development, Blieu is committed to fostering thriving, opportunity-rich communities where residents can live, learn, and grow. Each community is thoughtfully designed as a foundation for health, education, and economic mobility. Guided by a deep respect for environmental stewardship, Blieu integrates energy-efficient systems, drought-tolerant landscaping, and LEED-certified design standards that reduce costs and promote sustainability. With an in-house design team focused on durability, cultural relevance, and neighborhood harmony, Blieu builds forward-thinking communities that are beautiful, attainable, and enduring assets to the regions they serve.