Alden Capital Arranges $7.8M to Update Affordable Community in Hawaii

by Jeff Shaw

HILO, Hawaii — Alden Capital Partners has financed the rehabilitation of Kamana Elderly Apartments, a 62-unit affordable housing development for seniors in Hilo. Alden was awarded $5.2 million in federal low-income housing tax credits and $2.6 million in Hawaii state low-income housing tax credits from Hawaii Housing Finance and Development Corp.

The financing will fund $70,000-per-unit renovations. Construction will be performed in phases as tenants are relocated to vacant units. The community is 40 years old and “in dire need of rehabilitation,” according to Alden.

The rehabilitation is scheduled for completion in December 2016. When finished, seniors will have new appliances, cabinetry, floors, ceilings, lights and windows.

All units at Kamana are restricted to seniors at or below 60 percent of the area median income (AMI) and are covered under a Section 8 Housing Assistance Payment contract.

Urban Housing Communities LLC of Santa Ana, Calif., is the partner and developer. Big Island Housing Foundation Inc. is the property manager. Moss & Associates is the general contractor.

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