MAUI, Hawai‘i, Dec. 5, 2022 – In collaboration with Urban Housing Communities, LLC (UHC) and Ikaika ‘Ohana, Hunt Capital Partners celebrated the grand opening of Kaiāulu o Kupuohi in Lahaina, Hawai’i. Remarks were given by key stakeholders and a luncheon for all guests in attendance followed the ceremony. The grand opening marks Hunt Capital Partners’ 13th completed project in Hawai‘i, bringing the syndicator’s statewide footprint to a total of 859 high-quality affordable homes for low-income renter households.
Kaiāulu o Kupuohi is a midrise affordable housing community located at 258 Kupuohi Street, Lahaina, Hawai’i, providing 89 affordable units for families living in Maui County. The recently completed development provides 20 one-bedroom units, 34 two-bedroom units and 35 three-bedroom units for families who earn up to 60% of the area median income.
“Hawai‘i renter households are severely cost burdened, spending more than half of their income on housing, and experience long waitlists due to a shortage of new affordable housing,” said Hunt Capital Partners Executive Managing Director of Acquisitions Dana Mayo. “We are proud to work with Ikaika ‘Ohana and UHC to ensure that low-income, local residents have access to the housing they so critically need to improve their overall quality of life.”
Kaiāulu o Kupuohi units offer the standard complement of modern amenities as well as design features to improve energy conservation such as Energy Star appliances, LED Energy Star lighting, solar lighting water heating and water wise plumbing fixtures. Residents will enjoy a community center, on-site management, a tot lot, BBQ-picnic area, laundry facilities, ample on-site parking, as well as ocean views for some units.
“We are so humbled and honored to be able to support the County of Maui, and especially the Lahaina community with this project,” said Ikaika ‘Ohana CEO Douglas Bigley. “We are grateful to the many hands it took to bring this project to fruition. We look forward to meeting all of the families that are moving in and watching them grow and thrive here.”
The managing general partner is UHC and the co-general partner is Ikaika ‘Ohana. Goodfellow Bros. LLC and Maryl Group Construction Inc. are the general contractors. Design Partners Incorporated is the project architect. ThirtyOne50 Management LLC is the management agent.
The total development cost for Kaiāulu o Kupuohi is $64.6 million. Hunt Capital Partners provided $21.9 million in federal and $8.1 million in Hawai‘i state low-income housing tax credit equity for Kaiāulu o Kupuohi. Hunt Capital Partners facilitated the sale of federal and state tax credits through Hunt Capital Partners Tax Credit Fund 29, a proprietary fund with the Bank of Hawai‘i, and Hunt Capital Partners Tax Credit Fund 41, a multi-investor fund. Other funding sources include the Bank of Hawai‘i, who provided a $27.6 million construction loan and an $8.2 million construction to permanent loan, the Hawai‘i Housing Finance and Development Corporation who provided $17.1 million in Rental Housing Revolving Funds, Maui County who provided a $6.4 million permanent loan and Ikaika ‘Ohana who provided a $725,952 permanent loan.
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. An 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 $2.8 billion in tax credit equity in over 47 proprietary and multi-investor funds. HCP manages almost 760 project partnerships representing over 75,000 homes in 51 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.