kekaha plantation elderly housing -...
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“Leverage” Makani Maeva HSAC June 2015
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Hawaii Focus 20 years affordable housing experience 17 states, 91 properties First Hawaii LIHTC development 1995 Largest new construction LIHTC in 2008 First 2 Hawaii LEED LIHTC projects 2015
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On one side of the scale… WE have a housing shortage – Let’s agree By 2016 need 16,399 units HUD issues the AMIs based on family size Good business and creates good
neighborhoods
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Ask the smart guys… According to Harvard’s Joint Center for
Housing Studies, “Without the Housing Credit, it is
fundamentally uneconomic to develop homes that are affordable to low-income families.”
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Kauai – Moving the fulcrum
Resources
Results
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Counties can leverage resources to make a difference…
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Ideas start at the top…
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Clear Intent
Policies and Goals Mayor Planning Dept. Dept. of Water Building Permit Processing AHTF Aligned with HHFDC timing Federal HOME funds
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Kaniko’o Lihue Kauai
• Timing &
Resources • County acquired
land • RFP award quick and
decisive • County of Kauai
lease • $1.25 MM HOME
Funds
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•Results
•60 Units
•14 months RFP to close
•$13.6MM Project
•$10.9MM of LIHTC Equity
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Kolopua Princeville, Kauai
•44 Units
•$16.25MM project •$1MM in HOME Funds
•$750k from Private Developer
•Land contribution
•$11.1MM in LIHTC Equity
•9% LIHTC award
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Lokahi Kailua Kona
• Largest New Construction 306 units
• $11.75 MM in RHTF • Worst market ever • 98% occupied past 18
months • Learned a lesson about
studios • 4% LIHTC/Tax Exempt
Bonds
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Tools of the trade Bonds LIHTC RHTF General Excise Tax Exemption Property Tax Exemption 201H Zoning Partnerships
Counties Market Rate Developers Non Profits