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Posted: Jan 3, 2023

Hunt Capital Partners Finances its 19th Affordable Housing Development in Hawai‘i

Hunt Capital Partners Finances its 19th Affordable Housing Development in Hawai‘i

KONA, Hawai‘i, Dec. 21, 2022 – Hunt Capital Partners (HCP), in collaboration with Urban Housing Communities (UHC) and Ikaika ‘Ohana, announced the closing of $10 million in federal low-income housing tax credit (LIHTC) equity and $3.8 million in Hawai‘i state low-income housing tax credit equity financing for the new construction of the Villages of La‘i ‘Ōpua Phase II. Located in Kailua-Kona, Hawai‘i, Villages of La‘i ‘Ōpua Phase II will provide 24 single-family, affordable homes for Native Hawaiian households who earn up to 30%, 40% and 60% of the area median income. Additionally, at the end of the initial 15-year LIHTC Compliance Period, the affordable homes will be sold to qualified tenants/buyers and the tenants at the development will have a first right of refusal purchase option. 

The Department of Hawaiian Home Lands (DHHL) has a waiting list of approximately 5,800 Native Hawaiian households in need of housing. The Villages of La‘i ‘Ōpua Phase II helps to meet this need and is part of a master planned community that includes 572 acres, comprising land designated for commercial, community, conservation and primarily residential uses. The Villages of La‘i ‘Ōpua Phase II follows the completion of Phase I, which provided 59 single-family LIHTC units and is 100 percent occupied.

“The demand for affordable housing for Native Hawaiians couldn’t be more evident, and we are proud to invest in the Villages of La‘i ‘Ōpua Phase II to meet this immediate need in the Kailua-Kona community,” said Hunt Capital Partners Executive Managing Director Dana Mayo. “Hawai‘i has been a priority investment location for Hunt Capital Partners for many years. To date, we have financed 19 transactions in Hawai‘i that have built over 850 affordable housing units. We look forward to financing more developments in the future to continue to increase the affordable housing stock across Hawai‘i.”

UHC and Ikaika ‘Ohana’s development team includes Coastal Construction Inc. as the general contractor. Design Partners Incorporated is the architect. ThirtyOne50 Management, LLC is the property manager. Construction for Villages of La‘i ‘Ōpua Phase II is underway and scheduled for completion in December 2023. The 24 three- and four-bedroom units will be furnished with modern appliances and will have a lanai, hardwood floors, central air conditioning, ceiling fans and other amenities.

Villages of La‘i ‘Ōpua Phase II is designed to meet the 2018 Energy Conservation Code of Hawai‘i and the development team aims to achieve LEED Gold Certification too. The units will be built with sustainable features such as Energy-Star-rated appliances, HVAC equipment and ventilation, LED lighting, building envelope insulation and low-E windows. Additionally, domestic hot water will be provided by solar water heaters with electric backup.

As far as resources for residents, Ikaika ‘Ohana will collaborate with community-based organizations to create social and education programs that address the specific needs of the community. Programs may include immunizations and health screenings, childcare, GED and ESL classes, occupational certification courses, resume preparation and job referrals, and financial counseling. Services will either be offered to residents from an onsite community room, through nearby schools and community centers, or even to specific residents within their individual apartments.

The total development cost for Villages of La‘i ‘Ōpua Phase II is $18.4 million. Hunt Capital Partners facilitated the federal and Hawai‘i state tax credits through its proprietary investor fund, Hunt Capital Partners Tax Credit Fund 47, with Central Pacific Bank. Central Pacific Bank also provided an $11.1 million construction loan and an $850,000 permanent loan. Hawai‘i Housing Finance and Development Corporation provided a $2.6 million soft loan from its Rental Housing Revolving Fund. DHHL provided a grant of $31,793.

Environmental Social and Corporate Governance (“ESG”) Investing

Hunt Capital Partners recognizes that its institutional investors are seeking to increase the social value of their investments to help further their ESG initiatives. An investment in affordable housing not only improves the living conditions of its residents, but it also helps to remove obstacles that stand in the way of creating a healthy, safe and stable home environment for low-income families and seniors. When families spend less on housing related expenses, they have more resources available for other essentials such as food and clothing, or even extracurricular activities and educational programs. One of the most significant benefits to providing quality affordable housing is an increase in an individual’s physical and mental health. Hunt Capital Partners’ affordable housing investments create a lasting effect on the people and communities they serve for generations to come.

About Hunt Capital Partners

Hunt Capital Partners (HCP) is the tax credit syndication division of Hunt Companies, Inc. (Hunt). HCP specializes in the sponsorship of Federal and State Low-Income Housing, Historic, and Solar Tax Credit Investments funds. Since its inception in 2010, HCP has raised over $3 billion in tax credit equity in over 48 proprietary and multi-investor funds. HCP manages almost 760 project partnerships representing over 75,000 homes in 51 states and territories. Founded in 1947, Hunt is a privately held company that invests in businesses focused in the real estate and infrastructure markets. The activities of Hunt’s affiliates and investors include investment management, asset management, property management, development, construction, consulting and advisory. For more information on HCP, please visit, or for Hunt, please visit