April 22, 2013
Ewa Beach, HI — On Friday April 26, Governor Neil Abercrombie and Mayor Kirk Caldwell join nonprofit affordable housing developer and manager EAH Housing, community organizers, residents and civic leaders for the Grand Opening of Villages of Moa ‘e Kū (VMK) Phase I and the land blessing ceremony for VMK Phase II. The event is scheduled from 10:30 a.m. to 2 p.m. and will be held at Villages of Moa ‘e Kū, located at 91-1655 Pahika Street, Ewa Beach.
“The opening of Phase I of the Villages of Moa’e Kū represents a positive step towards meeting Oahu’s housing needs,” said Mayor Kirk Caldwell. “On behalf of the people of the City and County of Honolulu, I commend EAH Housing (Hui Kauhale, Inc.) for creating 64 new units of much-needed affordable housing in Ewa Villages.”
“When public and private sector partners work together for the common good, the greater community benefits,” said Governor Abercrombie. “Villages of Moa ‘e Kū is a product of such collaboration, with the goal of providing affordable housing options for island families. Today, the State of Hawai`i, City and County of Honolulu, EAH Housing and our partners celebrate along with the community this positive contribution to numerous lives.”
Phase I consists of 64 units in four two-story buildings. Each building surrounds a beautifully landscaped central courtyard and includes fenced in tot-lots for children and seating areas. Designed to be built in three separate development phases, a grand total of 192 units will be constructed.
The community will be home to people of mixed backgrounds and professions: pre-school teachers, health care professionals, bank tellers, older adults and families. Residents will have access to a community center, a computer learning lab and resource coordination services. VMK Phase I includes one-, two- and three-bedroom apartments, apartments feature energy efficient appliances, windows and lighting.
“Today, we celebrate the grand opening and the next phase of Villages of Moa ‘e Kū,” said EAH Housing President and CEO Mary Murtagh. “Phase I will open with 64 units and in Phase II, we are adding 76 units. Our goal is to provide an essential need for those earning between 30% to 60% of the area median income, a place to call home, a place to build dreams.”
Phase II consists of five two-story multifamily buildings, including one-, two- and three-bedroom units. Developed and managed by EAH Housing, VMK offers families an attractive community that the city and residents can take pride in.
Funding of the development is provided by CDBG and HOME Programs (HUD), which are administered by the City and County of Honolulu. The County was the first financial participant in the development of VMK and provided a vital $5.5 million acquisition loan that enabled an affiliate of EAH Housing to purchase the site. Additional funding is administered by the Hawaii Housing Finance and Development Corporation (HHFDC), an arm of the state, which includes the award of Low Income Housing Tax Credits and financing from the State Rental Housing Trust Fund and HUD Neighborhood Stabilization Program.
“Leveraging public funding with private resources is part of HHFDC’s blueprint for affordable housing,” said Karen Seddon, Executive Director of the HHFDC. “Public-private partnerships combine complementary strengths of the state and mission-based organizations like EAH Housing to efficiently deliver and manage affordable communities. In addition to increasing the much needed supply of workforce housing, Villages of Moa ‘e Kῡ will also generate numerous construction jobs and help the local economy.”
Villages of Moa ‘e Kū is expected to generate roughly 150 predevelopment, construction and ongoing asset management jobs over the course of the three phase construction.
For VMK Phase I construction financing was provided by Wells Fargo Bank and Prudential Mortgage Capital Company/Federal Home Loan Mortgage Corporation provides the permanent loan. In VMK Phase II, the construction loan is being financed by US Bank with the permanent loan funded by Central Pacific Bank.
“EAH Housing is an accomplished developer and talented property management organization with a consistent track record. The organization’s commitment to quality multifamily housing is unquestionable. They have done a remarkable job at the Villages of Moa ‘e Kῡ and continue to exceed all expectations,” said Monique Hastings, Senior Vice President of Alliant Capital.
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About EAH Housing
Now in its 45th year of developing and managing affordable housing, EAH Housing is a well-respected nonprofit affordable housing developer/management company. With properties in 50 municipalities, EAH has developed 7,268 apartment homes and manages 101 properties, serving more than 20,000 people in Hawaii and California.
For more information visit www.eahhousing.org.
