HONOLULU (KHON2) -- Honolulu will be developing Kaleimaʻo Village -- West Loch Apartments, an affordable housing project in ʻEwa Beach designed to contain 127 units on a 3.7 acre lot owned by the city. The housing units will be rented to low-income households earning at or below 60% of the area median income, with single-person households making up to $58,000 eligible as well as families of four earning up to $75,000. Honolulu Mayor to give State of the City Address The build will be composed of seven three-story buildings totaling 28 one-bedroom, 87 two-bedroom and 12 three-bedroom units. There will also be a meeting space, a central laundry facility, administrative office, mailboxes, over 120 parking stalls and over 60 bicycle stalls. "Kaleimaʻo Village specifically targets income ranges that include many of Oʻahu's essential workforce, food service employees, childcare providers, maintenance staff, healthcare support workers and transportation personnel, who are vital to our communities yet often struggle to find affordable housing," said Mayor Rick Blangiardi. "This is an excellent example of how through strong public-private partnerships and decisive action, we are ensuring that projects like this move forward efficiently." Get Hawaii's latest morning news delivered to your inbox, sign up for News 2 You Construction on the new project is expected to begin later this year, with an anticipated completion date of late 2026. A significant portion of financing the project came from Honolulu's Private Activity Bond program, which Blangiardi reinstated after its 23 year absence. The program is also known as the Multifamily Housing Revenue Bond program, and allows private entities to access tax-exempt debt for projects that serve the public, like affordable housing. The Honolulu City Council unanimously approved up to $30,376,937 in these bonds for the project, lowering borrowing costs and keeping rent low. The land for Kaleimaʻo Village is leased for 75 years, allowing for the units to be accessible to the public for at least three-quarters of a century. Find more Hawaii, Oahu, Maui and Kauai news here "Kaleimaʻo Village is a great example of how we can use city owned land to create housing opportunities for local families," said Department of Land Management Director Designate Catherine A. Taschner. "With a long-term ground lease in place, we're ensuring that these homes will remain affordable well into the future. This project is the result of strong collaboration and commitment, and we look forward to seeing it come to life." For more information, visit the Department of Land Management's website. ...read more read less