Committee backs extension for Kahuaapili 201H project as developers wait on LIHTC awards
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Summary
The committee reported out a resolution extending the deadline to commence construction on the Kahuaapili 201H project (Salt Lake) to allow the applicant more time to secure Low‑Income Housing Tax Credit financing; the developer said LIHTC remains the primary path to proceed.
The zoning committee considered a request for a 36‑month extension to commence construction of the Kahuaapili 201H project in Salt Lake, a proposed 190‑unit residential development. Monte Heaton (High Ridge Costa) told the committee the applicant has applied twice for Low‑Income Housing Tax Credit (LIHTC) financing and intends to pursue the rental scenario that requires LIHTC awards.
Heaton said the project includes 190 dwelling units and a parking structure of about 227 spaces, and that the current economic climate — higher construction costs and interest rates — has made a for‑sale option financially infeasible. Councilmembers asked about unit counts, parking ratios and the likelihood of LIHTC awards; Heaton said LIHTC rounds are oversubscribed and odds are uncertain but the applicant hopes two more application cycles will improve chances.
DPP indicated support for the extension; the chair recommended reporting Resolution 205314 (CD1) out for adoption and the committee ordered it reported out.
Next steps: the extension preserves entitlements and allows the applicant to pursue financing; the resolution will move forward for adoption by the full council.