Latest project for senior units in McCully
By Kapono Dowson
Advertiser Staff Writer
A 53-unit, affordable apartment building for senior citizens is scheduled to open next year in McCully, continuing the mission of a 9-year-old nonprofit agency.
Officials of the Hawai'i Housing Development Corp., along with state officials, held a groundbreaking ceremony yesterday for the Artesian Vista Apartments, a $9.1 million project that will be built at the corner of Young Street and Artesian Way.
The apartments will be rented to people over 60 years old who earn less than 50 percent of Honolulu's median income. Using today's income figures as an example, rents would range from $313 to $551 a month.
It is the third affordable senior rental project by the agency, which was formed in 1993 by the Hawai'i Community foundation and other organizations to develop rental housing for lower income people in Hawai'i.
The Hawai'i Housing Development Corp., non-profit group, was founded in 1993 by the Hawai'i Community foundation and other grant makers to develop lower income rental housing in Hawai'i.
"Ten years ago, prices were really high," said Randolph G. Moore, chairman of the Hawai'i Housing Development Corp.
"What's really good about this group is that it has focused on the urban corridor, in prime real estate areas in town," said state housing information officer Darrell Young. Those areas are within easy access to supermarkets, medical facilities and community services, Young said.
The need is still there. More than 4,000 people are on a state waiting list for affordable housing, Young said.
The Artesian project is being developed in conjunction with a state agency called the Housing and Community Development Corporation of Hawai'i. It is the state agency that administers federal and state public housing and rent subsidy programs.
The state agency helped finance the project through a $2 million loan from the state's Rental Housing Trust Fund and $7.56 million in federal and state low income housing tax credits.
The project will receive additional financing through a construction loan of $6.2 million from City Bank and Finance Factors Inc. and a $1.1 million loan from Hawai'i Community Reinvestment Corp.
McCully/Mo'ili'ili Neighborhood Board members said they received complaints from residents who fear the project will increase parking and traffic congestion, said board member Joel E. Stauring.
The project has only19 parking spaces for 53 units, said Stauring. "There was no prior presentation to the community, so there was no community input from the area residents on the project," Stauring said. "We need to get the community concerns listened to from the beginning."
But Artesian Vista project manager Gary Furuta said their experience with previous senior projects is that fewer residents own cars compared with regular apartment buildings. "In fact, there have been vacant parking stalls," he said.
Reach Kapono Dowson at kdowson@honoluluadvertiser.com or 535-8103.
