KOLOA — Mark Development, with the support of Mayor Derek Kawakami, is deferring security deposits at Koa‘e Makana Workforce Housing project in Koloa as the first 42 applicants selected their units.
“Mayor Kawakami challenged us to find a way to help the community in the face of business shutdowns to fight COVID-19,” said Craig Watase, president of Mark Development.
“The cash that would have gone into our security-deposit-trust account can be used by low-income families to buy needed food and supplies during this crisis. It’s a risk we are taking, but we trust our soon-to-be tenants are good people and these are extraordinary times.”
Mark Development will defer the normal one month’s rent security deposit for three months. After that, tenants can pay the security deposit in installments over three more months.
Koa‘e Makana Workforce Housing is a 134-unit one-, two- and three-bedroom affordable housing project located on Po‘ipu Road, built and managed by Mark Development, constructed on county land with financing from the County Development Fund, federal HOME (Home Investment Partnerships Program) and National Housing Trust funds, along with low-income housing tax credits.
The $54-million project received additional financing from American Savings Bank and First Hawaiian Bank. First move-ins are scheduled for the first week of April. Video tours can be seen online at www.mdihawaii.com, where online applications are available.
“Preferences are given to households that live and work in the area, and to anyone with a Section 8 Housing Choice Voucher. There are still a few two-bedroom units available,” said Property Manager Tracy Hefferon of Mark Development.