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Committee advances $107.7 million multifamily housing revenue note to support KPLR Phase 1 redevelopment
Summary
The Budget Committee recommended reporting out a resolution authorizing up to $107,710,000 in multifamily housing revenue notes to finance a 304‑unit affordable rental redevelopment project for public housing sites identified in the packet.
The Budget Committee on July 21 recommended reporting out Resolution 25‑198, which would authorize the city to issue multifamily housing revenue notes in an amount not to exceed $107,710,000 to provide loans for the redevelopment of a public housing site identified in the packet as KPLR low rises and homes. Kevin Aje (identified in the hearing as director‑designate of the Department of Housing and Land Management) told the committee the project is sponsored by the Hawaii Public Housing Authority with a co‑developer whose principal was present to answer questions.
Why it matters: the project would provide 304 affordable rental units, all restricted to households at or below 60 percent of area median income, and a large share of family units: nearly half of the units would be two‑bedrooms or larger and about 70 are three‑ to five‑bedroom units. The director‑designate told the committee the total project capitalization is roughly $212 million and cited a layered financing plan that includes roughly $117 million in low‑income housing tax credits, $37.8 million in senior debt provided by Bank of Hawaii, $45.5 million in rental housing revolving fund financing from the Hawaii Housing Finance and Development Corporation and $8 million from the city’s affordable housing fund (about $26,000 per unit).
The nut graf: the committee advanced the resolution after hearing that the development will use multiple financing sources and long‑term affordability tools — a 65‑year recorded declaration and a ground lease from HPHA of 70 years — but asked that future procedural and engagement steps be coordinated with the council prior to final approvals.
What the committee heard: Aje said the units will remain affordable for at least 65 years under recorded declarations and that HPHA will provide a 70‑year ground lease to support long‑term affordability. Kathleen Orlandi, city bond counsel, participated remotely and the developer’s principal (identified as Momohana from High Ridge Costa in testimony) was available for questions. Council members asked about notification and coordination; Chair Waters said he expected the developer to consult with the committee prior to introduction of such major proposals in the future.
Outcome: the chair recommended that Resolution 25‑198 be reported out for adoption. No remote or in‑chamber public testimony was recorded on the bonding measure at the committee hearing.
