HHFDC advances Leiwili Kapolei toward financial closing and construction
At its October 8 meeting, the Hawaiʻi Housing Finance and Development Corporation Board unanimously approved revised financing authorizations for Leiwili Kapolei Buildings B and C, a partnership of ʻIkenākea Development and The Michaels Organization. The action extends key financing deadlines, authorizes up to $130 million in Hula Mae Multi-Family bonds and reserves increased Low-Income Housing Tax Credits. HHFDC staff said additional tax-credit equity would reduce the project’s Rental Housing Revolving Fund loan by approximately $16.5 million. The first phase will provide 342 affordable apartments and two manager units. Financial closing was scheduled for October 28, with construction targeted to begin in November 2026.
