Posted at 1:02 p.m., Wednesday, September 19, 2007
Planned Maui housing complex may be stalled
By MELISSA TANJI
The Maui News
"We need to look at our numbers again," said Leiane Paci, a partner with Maui Lani Partners.
Paci responded to The Maui News after the council's Policy Committee recommended approval of the affordable project with several conditions attached, including one Paci said she has to study further.
The committee wants Maui Lani to lengthen the time that at least half of the units have to be rented to families earning below 80 percent of the median income level.
Maui Lani had proposed it would keep rents in the 80 percent and below median income level ($55,920 for a family of four) for 15 years, but would then make the units available for sale or rent to the "gap" group – those making 120 percent to 160 percent of the median income ($83,880 to $111,840) for an additional 10 years.
Paci told the committee on Tuesday that Maui Lani has made many concessions that have added to the cost of the project. She said the development company proposed earlier that the project in the future be dedicated to higher-income groups to "balance our budget" and make the project "economically viable."
Maui County housing officials supported the Maui Lani application for approval under a state fast-track housing law, 201H, that sets deadlines on government review and allows for exemptions from some land-use and development standards.
The proposed rental apartment complex is planned on 2.5 acres next to Pomaika'i Elementary School.
The committee met twice on the project but was facing a 45-day deadline for action by the council when it made its decision at Tuesday afternoon's meeting.
The committee's recommendation will be forwarded to the full council for action before an Oct. 8 deadline.
If the council does not act to disapprove the project, the original application will be considered accepted.
Maui Lani Partners expects the apartment project will count toward meeting a zoning requirement on the overall project district for 5 percent of its homes for rent or sale be priced for families earning less than 80 percent of the federal median income for the county.
In addition to lengthening the time for the rentals to be dedicated to lower-income families, council members imposed four additional conditions. Paci said after the meeting that she was agreeable to the four additions, which are:
The last two additions came after some committee members argued for the project be affordable in perpetuity.
In a memo to the committee members on Tuesday, Paci proposed that the county could purchase the project at fair market value and transfer management to an agency that would ensure the units remain affordable in perpetuity.
Proposed rental prices for the complex range from $1,101 to $1,257 per month for a two-bedroom, one-bath unit, to $1,272 to $1,453 for a three-bedroom, two-bath unit.
For more Maui news, visit The Maui News.