An initial group of tenants yesterday began moving into a new affordable rental housing project on the Big Island that is slated to have 306 units built out over the next year.

Pacific Housing Advisors is developing the $65 million project called Lökahi Apartments in Kailua, Kona.
The first building with 30 units opened yesterday, and the developer expects to complete about one building a month and finish construction by the end of next year.
Construction began in December 2008 on the project, which is financed by state and federal affordable housing tax credits, tax-exempt bonds, a loan from the state’s Hawaiçi Housing Finance Development Corp. and Citibank.
Monthly rental rates will range from $320 to $833 for the apartments ranging from studios to two-bedroom units. Prospective residents may not earn more than 60 percent of the area median income, representing $28,380 for a single person or $40,500 for a family of four, though 17 units will be reserved for residents earning half that much.