Hale Kewalo: Working together for more affordablesPosted on Feb 26, 2018 in Featured
For Governor Ige and developer Stanford Carr, the commitment remains the same: building housing local folks can afford. Carr’s latest affordable rental project, Hale Kewalo across from Ala Moana Center in Kaka‘ako broke ground last month — amid more expensive high rises. The governor praised Carr and developers like him for creating housing that gives back to the people of Hawai‘i. “For Stanford, it’s more than just a return on his investment,” he said. “It’s about the legacy he wants to leave his children and his children’s children.”
The project, which is expected to be completed in 2019, includes 128 rental units and focuses on those earning 30 to 60 percent of the area median income (AMI). A one-bedroom unit would rent for $588 a month for those at 30 percent AMI; a two-bedroom rents at $706 for those at 30 percent AMI; and a three-bedroom rents for $1,632 for those at 60 percent AMI. All costs include water, electricity and sewer.
“This governor has worked with the development community to create more financing tools so we can build more affordable housing for our people,” said Carr. “Rental projects like Hale Kewalo help people get a foot in the door and build their savings so they can afford to buy a home later on.”
Governor Ige has advocated for more public-private partnerships like this one to help the state reach its targets. “We set a pretty aggressive goal of completing 10,000 housing units by 2020,” he said. “Stanford’s team has worked closely with the state’s Hawai‘i Housing Finance and Development Corporation as we revamped our state programs to make financing projects like these possible. I’m excited that Hale Kewalo can remain affordable for 60 years for those at lower income levels. It’s another demonstration of what we can accomplish when we all work together.”