A 127-unit affordable rental complex along Renton Road in ʻEwa Beach has 126 available units and an application deadline of September 30. Kaleimaʻo Village will deliver more than 100 rental units across seven two- and three-story buildings on a 3.7-acre city-owned parcel, arranged around a shared community facility.
According to KHON2, the property will hold 27 one-bedroom apartments, 87 two-bedroom units, and 12 three-bedroom units. The $78 million project is being built through a public-private partnership between Honolulu-based Stanford Carr Development and Los Angeles-based Standard Communities, operating under the joint venture entity Komohale West Loch LLC, according to Building Industry Hawaii. Developer Stanford Carr told KHON2 there is tremendous demand for affordable housing in the area.
Rents Tied to Income, Not Market Rates
All apartments are capped for households earning 60% or less of Oʻahu’s Area Median Income, per the Department of Housing and Land Management. The project reserves seven apartments for residents earning at or below 30% of the area median income, while the majority of units go to those earning at or below 60%, according to the same KHON2 report.
At the 30% AMI tier, monthly rents run $698 for a one-bedroom, $803 for a two-bedroom, and $897 for a three-bedroom. At the 60% AMI tier, rents rise to $1,564, $1,843, and $2,099 respectively for one-, two-, and three-bedroom units. The 60% AMI income limit for a four-person household is $92,400.
Financing Revives a Two-Decade-Old Bond Program
Making those below-market rents work required an unusual financing push. The financing push included Honolulu’s tax-exempt Private Activity Bonds program, with $30,376,937 in intended tax-exempt issuance alongside a $14.6 million Rental Housing Revolving Fund loan from the state, per the Department of Housing and Land Management. The project also has a 75-year ground lease on the city-owned Fort Weaver Road property to guarantee long-term rent affordability for future tenants…