Pacific Business News: Second phase of EAH Housing affordable rentals in Ewa complete

Eah Housing
The second phase of Villages of Moae Ku, or VMK, an affordable rental complex in Ewa Beach, is complete, officials with EAH Housing said Friday.
 
A total of 76 affordable apartments have been added to the 64 apartments already built at the complex. When complete, five two-story building clusters will each have courtyards that includes playgrounds.
 
The apartments range from one to three bedrooms and 621 to 1,051 square feet. Rent, which is based on income, ranges from $464 to $1,246.
 
Although the project will now provide homes to about 500 people, more than 800 families are on the waiting list for the newest phase.
 
The project's total cost is $31 million, Ouch said. Funding for the project was provided by Community Development Block Grants and HOME programs. The City and County of Honolulu provided a $5.5 million loan that paid for the site.
 
Other money came from the Hawaii Housing Finance and Development Corp., the state Rental Housing Trust Fund and Hula Mae Multifamily tax-exempt bond financing.
 
Alliance Capital is the equity investor.