Seniors Community Funded by WNC LIHTC Equity Opens in Honolulu

Pacific Housing Assistance Corporation recently held a dedication ceremony to officially mark the opening of Senior Residence at Iwilei, an affordable seniors housing building that was partially funded with $24 million in LIHTC equity from Irvine, Calif.-based WNC.

Honolulu—Pacific Housing Assistance Corporation recently held a dedication ceremony to officially mark the opening of Senior Residence at Iwilei, an affordable seniors housing building that was partially funded with $24 million in low income housing tax credit (LIHTC) equity from Irvine, Calif.-based WNC. Hawaii Governor David Ige attended the event.

“We couldn’t be more pleased to help deliver this wonderful new property to Honolulu’s senior residents in need,” says WNC Executive Vice President and COO Michael Gaber. “This community provides safe, comfortable and affordable homes replete with amenities of particular value to seniors.”

The community, located at 888 Iwilei Road, is a 15-story, elevator-serviced building that offers residents a mix of one- and two-bedroom units that include a patio or balcony, as well as carpeting, blinds, a refrigerator, range, garbage disposal and intercom entry. Apartments are available to seniors 62 years old and older who earn between 50 and 60 percent of the area median income (AMI).

The amenities package at Senior Residence at Iwilei includes a community room, secured entry, an adult day care center and a skywalk that provides access to the parking garage. Additional services include on-site management, organized group activities, social and health services, as well as financial management and budgeting. In addition to the units and amenities, a 12,500-square-foot office space has been reserved for non-profit organizations on the building’s second floor.

Additional financing for the community came from the Hawaii Housing Finance and Development Corporation and the City of Honolulu.