Waikoloa Vacation Rentals to Build Affordable Housing in Hawaii Resort
Upon completion, the community will cater to residents earning between 30 and 100 percent of the area median income.
Waikoloa Vacation Rentals plans to build Ho’omalu at Waikoloa Beach Resort, a 229-unit affordable housing project in Waikoloa, Hawaii, catering to residents earning between 30 and 100 percent of the area median income. Construction is slated to begin later this year or in 2024.
Upon completion, the first affordable housing community in a Big Island resort will incorporate one-, two- and three-bedroom floorplans. Common-area amenities will include a swimming pool, a fitness center, a community center, a daycare with a Hawaiian education theme and barbeque areas.
Hawaii’s cost of housing is one of the highest in the U.S., while the shortage of affordable housing is becoming a major issue. The high cost of living, the availability of land and infrastructure, limited funding resources, legislative concerns and increasing demand are some of the factors worsening the current market conditions and impacting future developments.
Other developers are also looking at development opportunities in Hawaii. EAH Housing, for example, is currently developing Hale Nā Koa ʻO Hanakahi, a 92-unit affordable senior housing property in Hilo, Hawaii. The community is designated for veterans, surviving spouses and income-qualified seniors over the age of 62, earning between 30 and 80 percent of the area median income.