Finally, More Affordable Senior Housing in Honolulu
For over a decade the Pacific Housing Assistance Corporation under the direction of Marvin B. Awaya has been attempting to develop the Senior Residence at Iwilei in order to provide more affordable senior housing in Honolulu. Despite the good luck address 888 Iwilei Rd., there have been challenges getting this development off the ground. Initial construction was anticipated several years ago but the economic downturn had dried up much of their financing. Since then, other gap financing has become available making the project possible. This Iwilei parcel is one of the last State owned urban pieces of property that is developable. The State of Hawaii is leasing the land to the Senior Residence at Iwilei Limited Partnership for $1.00 per year for 55 years.
The Senior Residence at Iwilei is an affordable housing complex for rent to low and very low income elderly households, at least one of whom must be at least 62 years of age, earning up to 50% and 60% of median household income. The improvements consist of a 15-story high rise tower containing 146 1-bedroom and 14 2-bedroom units (total of 160 units), an adult day center, office space for private, nonprofit entities and 166 on-site parking stalls in a separate parking structure. Common laundry facilities and recreational space will be on the 3rd floor of the residential tower.
Albert C. Kobayashi, Inc.,the general contractor for this Honolulu affordable housing complex, broke ground in July 2012 and anticipates completion in June 2014. The property will be managed by Managements Specialists Company. The estimated cost of this senior housing complex is $69,505,000. There are seven different sources of financing which range from Multi Family Revenue Bonds and Hawaii General Obligation Bonds, to a Community Development Block Grant and a loan from the Federal Home Loan Bank of Seattle.
This housing is essential because seniors typically do not see improvements in their income situation even when the economy improves. Being on a fixed income means they may no longer be working and the only increases in income they see is due to the incremental increase in social security and what they can draw out of retirement. The Senior Residence at Iwilei will help satisfy this increasing need for affordable senior housing in Honolulu. For more information on senior housing visit www.choicehomeshawaii.com/senior-living.asp.