LOS ANGELES, Oct. 4, 2016 – Hunt Capital Partners announced today the financing for the rehabilitation of Kamana Elderly Apartments,an affordable housing development for seniors in Hilo, Hawaii, which closed Aug. 4, 2016. The complex is adjacent to the Kamana Senior Center.
The financing will fund renovation in excess of $70,000 per unit for all 62units. Construction is being performed in phases as tenants are relocated to vacant units for 14-21 days during construction. Rehabilitation is scheduled for completion in December 2016. When finished, seniors will reside in one-bedroom apartments furnished with new appliances, cabinetry, floors, ceilings, lights and windows. All of the units will be restricted to seniors at or below 60 percent of the area median income (AMI) and are covered under a Section 8 Housing Assistance Payment contract.
“Kamana Elderly Apartments is nearly 40 years old and was in dire need of rehabilitation,” said Hunt Capital Partners Executive Managing Director Dana Mayo. “There is a desperate need for quality affordable senior housing in Hawaii. The reconstruction of these units will significantly improve the quality of life for seniors while preserving affordable senior housing for the foreseeable future.”
Kamana Elderly Apartments was awarded $5.2 million in federal low-income housing tax credits and $2.6 million in Hawaii state low-income housing tax credits from Hawaii Housing Finance and Development Corporation. HCP facilitated the investment of federal and state tax credit equity through its multi-investor fund, Hunt Capital Partners Tax Credit Fund 10. Urban Housing Communities, LLC of Santa Ana, California is the co-general partner and developer, Big Island Housing Foundation, Inc. is the property manager, and Moss & Associates is the general contractor.
About Hunt Capital Partners
Hunt Capital Partners (HCP) is the syndication division of Hunt Companies, Inc. (Hunt). HCP specializes in the syndication of Federal and State Low-Income Housing, Historic and Solar Tax Credits. Since the successful launch of its first fund in the fall of 2011, HCP has raised over $1.4 billion in tax credit equity. 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 investees include investment management, mortgage banking, direct lending, loan servicing, asset management, property management, development, construction, consulting and advisory. For more information on Hunt Capital Partners, please visit www.huntcapitalpartners.com, or for Hunt Companies, please visit www.huntcompanies.com.