Housing renovation planned in Wahiawa
By Scott Ishikawa
Advertiser Central OÎahu Writer
WAHIAWA A possible change in ownership of the Kilani Village Apartments affordable housing complex may result in more than $1.5 million in improvements.
Affordable Housing Development Corp. plans to buy the 106-unit property at 1060 Kilani Ave., which has a vacancy rate of at least 20 percent.
The deal is in escrow. AHDC vice president William Spann said the company has entered an agreement with Kilani Village Ltd. for tax-exempt bond financing and 4 percent tax credits, along with a housing trust fund loan to rehabilitate the 1972 complex.
Company officials, based in Clovis, Calif., would not reveal the purchase price.
"The vacancy rate is probably linked to the apartments' dehabilitated condition, and we hope to change (that)," Spann said.
He said improvements would be made to the high-rise's ventilation, roofing, apartment/office and common space. The building would be repainted, and water-heating solar panels and roof-mounted ventilation fans installed.
Also planned are new appliances and cabinets for the apartment units. Company officials are estimating $15,000 worth of improvements to each unit.
Kilani apartment resident Adeline Akui welcomes the proposed improvements.
"It would be nice to get a new stove and sink," said the 59-year-old Akui, who has lived there for two years. "The doors, tiles, screens, shingles need replacing."
Spann said the company will apply to the state's Housing and Community Development Corp. for financing in January.
Once started, renovations would take six to eight months.
According to city property records, the building is valued at $5.8 million and the land at $2.3 million.
The Wahiawa Neighborhood Board last week passed a resolution in support of the acquisition.
Reach Scott Ishikawa at email@example.com or 535-2429.