(BIVN) – The Final Environmental Assessment for the Kaiaulu O Kapiolani Housing Development has been published, and with it, a Finding of No Significant Impact (FONSI) determination.

The proposed development site in Hilo encompasses 5.05 acres of land in a location currently zoned for multifamily dwelling units on Kapiolani Street and Kukuau Street. From a summary of the EA:

A0705 Hilo, L.P. is proposing to develop an affordable rental complex of 64 units, consisting of 32 two-bedroom units, an estimated 24 three-bedroom units, and an estimated 8 four-bedroom units in Hilo. The development will include a community center for resident use and 117 parking stalls. The objective of this project is to produce an affordable rental development, while utilizing the least amount of State of Hawaiʻi resources. These apartments will target low income households earning 60 percent or less of the Area Median Income for the County of Hawai‘i. These units will address the dire need for affordable rentals for the households in this income bracket, many of whom are at risk of becoming homeless due to the severe housing shortage.

The total budget for these improvement activities is estimated at $53,888,000, the document states. “The anticipated primary financing will be provided by Hunt Capital Partners and Section 8 Project Based Vouchers,” the Final EA reads. “HHFDC has awarded Tax Exempt Bonds, tax credits and the State’s Rental Housing Revolving Funds.”

According to the document, the construction is estimated to begin first quarter of 2022, with completion anticipated in the fourth quarter of 2023.