Hunt Capital Partners Finances Affordable Big Island Development Reserved for Native Hawaiian Households

December 31, 2024

Hunt Capital Partners has closed on $12.3 million in federal Low-Income Housing Tax Credits (LIHTCs) and $6.2 million in Hawai‘i state LIHTCs that will create 32 new affordable homes in West Hawai‘i specifically for Native Hawaiian households earning up to 30%, 40% and 60% of the Area Median Income (AMI).

Phase III of Villages of La‘i ‘Ōpua, a mix of three- and four-bedroom single-family homes, is being developed by Urban Housing Communities and Ikaika ‘Ohana in Kealakehe.

At the end of the initial 15-year LIHTC Compliance Period, the affordable homes in Phase III of Villages of La‘i ‘Ōpua will be sold to qualified tenants; residents will have a first-right-of-refusal purchase option.

“The demand for affordable housing for Native Hawaiians couldn’t be more evident, and we are proud to invest in Phase III of La‘i ‘Ōpua to help address this critical need on the Big Island,” said Dana Mayo, Executive Managing Director of Hunt Capital Partners.

In addition to safe and comfortable housing, residents will benefit from a range of free, supportive services including GED and ESL classes, health screenings and financial counseling.

Hunt Capital Partners is Hunt’s tax-credit syndication division. Phase III of Villages of La‘i ‘Opua is one of its 23 developments in Hawai‘i that are completed or under construction. In November, the organization celebrated the grand opening of Hocking Building, which repurposes a three-story historic building in downtown Honolulu’s Chinatown district
to create 40 units of affordable housing for families earning up to 30% to 50% of the AMI. Another 96 units of affordable housing are in the pipeline and expected to begin construction in the coming months.

Since its inception in 2010, Hunt Capital Partners has worked to create 1,793 new or renovated affordable homes in every county across the state, providing housing for approximately 5,712 island residents.

Affordable housing is incredibly challenging to create, particularly in Hawai‘i, due to the need to import most materials from the continent. Hunt Capital Partners is proud to be an ally with the expertise to bring quality affordable housing to the local community.

For more information, visit huntcapitalpartners.com.