Somebody Finally Got It Right!

Honestly getting up early in the morning for my first and most likely only cup of coffee, and reading the newspaper with my husband (after my quiet time and yoga at 5:30) is how I love to start my day. Don’t ask me why, because the news is rarely good these days. But finally somebody got it right!

Bank of Hawaii in partnership with Hawaii Island Community Development Corp., (HICDC) based in Hilo, have started construction on the new Ainakea Senior Residences in Kohala. And believe it or not, these homes will be affordable to those who need them.

Almost always in the past, affordable housing was anything but affordable. Most developers with the friendly assistance of government . . . ;o) . . . naturally seem to bungle the concept so badly the projects cannot be completed or worse, if they are nobody can afford them. The Waikoloa Workforce Housing project comes readily to mind.

That project was doomed before they ever came close to completing it. And why, you might ask?  Affordable? NOT! Well because they couldn’t break the mold of trying to build market homes, just calling them affordable, and expecting the targeted buyers to be there with the money. Most of the intended buyers, having to meet certain income and other criteria cannot even qualify. Let’s face it, the standard 3/2 home with a garage on a decent sized lot can only result in homes priced way above anyones “affordable” definition. Land costs are so high that alone can push the project into the upside down category.

But the Ainakea Senior Residences will be composed of 30 one-bedroom, one bathroom apartments and they will be available on a monthly rental basis (yes, it’s true -not everyone has to own a home) with residents having to meet income criteria. HICDC executive director Keith Kato said with similar projects in the past especially in conjunction with rental assistance,

“Most of the tenants have paid less than $200 per month out of pocket and everyone has been very, very happy with their apartments.”

Now that’s good news!

Aloha, “Mikie”

Mikie Likes It LLC
Realtor Referrals

Michelle Kerr
(Principal Broker/Owner)

Phone: (808) 896-1943

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