Keeping Public Housing Affordable in Hawaii
June 27, 2011
Freddie Mac recently credit enhanced a $66 million loan for the renovation of the largest affordable public housing development in Hawaii – Kuhio Park Terrace. The apartment community, built in the 1960s, is home to more than 500 families.
The funding will help preserve and provide financing for the rehabilitation of 555 units of affordable housing, including 33 units for the physically challenged and 12 units for hearing and sight challenged individuals.
“We are proud of our financing role so this property can be renovated and remain affordable for more than 500 families,” said Kimball Griffith, vice president of Multifamily Affordable Sales and Investments for Freddie Mac. “The renovation and management of this property also provides local jobs.”
Each apartment will be modernized, with expanded kitchens and enclosed lanais, and will receive new flooring, windows, doors, plumbing, electrical fixtures and energy-efficient appliances. In addition, reconfigured ground floors will create new space for resident activities, social services, management offices and enlarged laundry facilities.
The loan was funded by the Hawaii Public Housing Finance Development Corporation with tax-exempt bond proceeds. Citi Community Partners originated the loan.