Highridge Costa is pleased to announce reaching a major milestone in the development of Hale Moena Kupuna, a brand new $130 million affordable senior and family rental community in Kapolei on the island of O’ahu.
The 13-story residential tower in Phase 1, which has been designated for seniors only, has been completed and the first tenants have begun moving into their apartments.
Michaels Management is serving as the property manager and leasing agent for the community. In March, a lottery was used to create a wait list for interested applicants hoping to live in one of the 153 affordable apartment homes in studio, one- and two- bedroom floor plans. Apartments are still available. Seniors aged 62 years or older that make no more than 60% of the area median income are eligible and can start the application process by calling 808-466-0801 or going to #Kapolei #Oahu #AffordableHousing #Kupuna
Hawaii Gov. Ige has spoken about the importance of Hale Moena Kupuna in meeting housing needs in Hawaii. “My administration has been working hard to expand affordable rental housing options across the state for seniors and families who struggle to find homes they can afford,” he said. “Hale Moena Kupuna is a great example of using state funding to attract private investment in our communities.”
Developed by one of the nation’s premier affordable housing developers, Highridge Costa, in partnership with Coastal Rim Properties of Honolulu, Hale Moena Kupuna is a three-phase, mixed-use community for seniors and families that will also feature retail and commercial space.
All three phases of the development are being built along a three-acre block, with the residential apartments in the two 13-towers built to LEED standards, and neighborhood-serving retail on the ground floor.
Among the first high-rise residential projects in Kapolei, Hale Moena Kupuna offers unobstructed mountain and ocean views to its residents, along with on-site parking and outdoor community space on a podium deck. Other amenities will include a community meeting room, picnic area, and a community workspace with high-speed Internet access. All units will come equipped with an oven, stove, microwave and refrigerator.
The development is being financed with a combination of tax-exempt bonds, tax credit equity, and a $10.7 Million Rental Housing Revolving Fund Loan from the Hawaii Housing Finance and Development Corporation (HHFDC). Citibank is the construction lender and Aegon is the tax credit investor.
“We are very excited to announce the completion of the senior tower of our newest affordable community Hale Moena Kupuna, developed in partnership with Hawaii’s State Housing Agency. This first phase of the new community will enrich the lives of many seniors living with low and very low incomes while being an asset that both the State of Hawaii and Highridge Costa will be proud of for many years to come,” said Michael Costa, President and CEO of Highridge Costa.
“Hale Moena Kupuna is only possible because individuals and organizations across the private and public sectors were motivated to bring real change and improvement to the communities in which they live and work,” said Mohannad H. Mohanna, President and Managing Member of Highridge Costa Development Company, LLC.