A much-needed renovation of the Nani ‘O Puna affordable housing community on the Hawaii Island received a boost Tuesday with a $100,000 donation from the Nareit Foundation’s REIT Way Hawaii Community Giving Campaign to the Affordable Housing and Economic Development Foundation.
Built in 1976, Nani ‘O Puna provides affordable rental housing to farm workers, seniors and low-income residents in Pahoa.
Comprised of 32 homes, with one, two or three bedrooms, in eight buildings on a 4-acre site, Nani ‘O Puna needs major capital improvements and renovations to extend the life of the property for its residents.
AHED is leading the renovation of Nani ‘O Puna in partnership with the Ahe Group.
Presenting the check to AHED on behalf of the Nareit Foundation was Pamela Wilson, general manager of Hawaiian Real Estate for American Assets Trust, a real estate investment trust, or REIT, which owns Waikele Center.
REITs are long-term property holders that own, renovate and manage affordable housing projects, commercial buildings, medical facilities, shopping centers, cellphone towers and hotels throughout Hawaii.
REITs in Hawaii are supporting the $100,000 donation through the REIT Way Community Giving Campaign of the Nareit Foundation.
The donation will kick-start Nani ‘O Puna’s renovation by paying for pre-development costs needing to be completed before funding from financial and government sources can be used to begin the work.
The renovation work at Nani ‘O Puna is scheduled to begin in November and is targeted for completion in May 2020. More than $2 million is being invested into the renovation work, with the exteriors of the eight structures and interiors of the 32 homes undergoing extensive renovations to address major repair needs and make the living conditions more contemporary and better suited to accommodate long-term residency.
Work on the exteriors includes replacing the stairs and railings, installing new windows and perimeter fencing, resurfacing the parking lot and addressing site drainage issues. The interiors of all units will receive a complete upgrade, including the installation of new flooring, window coverings, cabinets, countertops, sinks, and energy-efficient appliances and fixtures.
For more information about REITs in Hawaii and the REIT Way Hawaii Community Giving Campaign, visit www.thereitwayhawaii.com/.