Alliant Capital Invests in Oahu Affordable Housing Project
- Oct 08, 2019
Kulia at Ho’opili, a 119-unit low-income housing property planned for Ewa Beach, Hawaii, is scheduled to begin construction this month and be ready for residents within two years. Kulia at Ho’opili is being developed by Mutual Housing Association of Hawaii and will be located on a 7.1-acre site within the Ho’opili master-planned community in West Oahu. Alliant Capital, a Woodland Hills, Calif.-based firm that provides tax credit syndication for affordable and multifamily properties, has closed on its investment in the property.
Alliant Capital has invested more than $81 million in seven projects, including Kulia at Ho’opili, providing affordable housing to more than 800 families in Ewa Beach. The firm did not release the specific amount invested in this latest property. Ewa Villages, Franciscan Vistas and Ko Oloa Ula are among the other Ewa Beach properties that Alliant Capital has invested in. Alliant Capital has invested more than $140 million in 13 properties in Hawaii, providing nearly 1,500 units of housing statewide.
Affordable housing is particularly needed on the island of Oahu, where more than 5,700 families are making less than 60 percent of the median income, according to Alliant Capital. Kulia at Ho’opili will address 2.1 percent of the area’s demand for affordable housing.
“Being able to help provide affordable housing, especially in communities like this one where there is a significant need, is incredibly important to Alliant and we are glad to be able to partner in this opportunity,” Brian Goldberg, Alliant Capital’s president & COO, told Multi-Housing News. “Investing in this area enables us to help people, which is our primary focus and mission.”
Planning for the 1,554-acre Ho’opili master-planned community began more than a decade ago. In September 2016, D.R. Horton-Schuler Homes LLC celebrated the groundbreaking of the first phase of the project that saw nearly 300 homes—comprising 151 single-family and 142 townhomes—built along with a 1.8-acre neighborhood park. The master-planned community is expected to take about 20 years to build out and will have about 11,750 homes, 3 million square feet of commercial space, 70 acres of parks and gathering places and about 200 acres of commercial farms of community gardens. Plans also called for about five new public schools and three rail transit stations to serve residents. At least 30 percent of the new housing units were required to be affordable to families earning 120 percent of AMI and a minimum of 10 percent of the units were to be affordable to families earning 80 percent of AMI.
More Affordable Units
Other affordable housing developers are also active in the Ewa Beach area. In June, The Michaels Organization received a $40.6 million loan for Keahumoa Place Apartments, a 320-unit project planned for state-owned land along Keahumoa Parkway that is expected to be completed in 2021. The site, located about 20 miles west of Honolulu, is near the University of Hawaii’s West Oahu campus and across the street from a new middle school. Walker & Dunlop structured the 16-year loan for the development through Freddie Mac and worked closely with the Hawaii Housing Finance & Development Corp. and Hawaii’s Attorney General to complete the multi-phased deal.