After a closed-door board meeting last Thursday, the NMHC board approved a recommendation made earlier by NMHC Administrator Joshua Sasamoto to set aside $4.85 million per year for 10 years for the Blue Water Homes project under the low-income housing tax credit program.
Coming on the heels of a previous low-income housing tax credit project Sandy Beach Homes that is being projected to be completed way ahead of schedule this December, Triple J Enterprises was again approved for a new project by the NMHC board.
Sasamoto told the board that he issued a memorandum in July recommending the approval of the project Blue Water Homes proposed by Triple J Enterprises.
During last week’s board meeting, the NMHC board had the opportunity to review the application and to listen to a presentation by Triple J CEO and chairman Robert H. Jones.
The project called for a 80-unit apartment complex with two-, three- or four- bedroom units.
Sasamoto said NMHC had publicly announced applications and Blue Water Homes was among those who submitted and met criteria.
Variety tried to seek additional information but was not able to receive a reply from either NMHC or representative of Blue Water Homes.
The Sandy Beach Homes, on the other hand, is about 70 percent complete according to Jones.
Jones told the board during its meeting last week that the construction is ahead of schedule and he expects a turnover by Dec. 15.
The $28.2 million low-income housing project boasts of energy-efficient features.
Jones said, “It is almost a green building.”
He told NMHC that it is equipped with solar power hot water heaters on the roof, energy-efficient appliance, reverse osmosis water purification system under the sink, among other features.
Jones said, “Black Construction is doing a great job and we are happy with it.”
He also said they had time constraints with the Sandy Beach Homes Project but they have more flexibility with the requirements this time [with Blue Water Homes] than they had last year.
The Sandy Beach Homes project in Chalan Kanoa involved construction of 60 units of three- to four-bedroom apartment units measuring 1,400 sq. ft.
Integral to the project was the acquisition by Triple J of the Pacific Gardenia Hotel from the Commonwealth Development Authority last year that granted it 55-year lease.
The CDA, as well, recommended for the governor to approve the qualifying certificate application of Sandy Beach Homes LLC which Gov. Benigno R. Fitial approved in January this year.
The low-income housing project was granted infrastructure and excise tax abatements for construction-related materials to be acquired for the duration of the project.
