PUNAWAI O PUUHONUA
About Punawai o Puuhonua
Punawai o Puuhonua is a Hawaii based Community Development Entity (CDE) that is able to receive allocation for New Markets Tax Credits (NMTC) to support the creation of jobs, goods and services in low-income communities. It is a partnership formed between Oahu Economic Development Board and American Savings Bank. Punawai is seeking high-impact projects greater than $10 million in size with a gap in financing to fund with its future NMTC allocations. Below is background information about the NMTC program and a brief summary of the kinds of projects Punawai intends to support in Hawaii.
Download Punawai o Puuhonua informational flyer here
ABOUT NEW MARKETS TAX CREDITS
The New Markets Tax Credit (NMTC) Program was established in 2000 by the U.S. Department of Treasury through the Community Development Financial Institutions (CDFI) Fund. The NMTC Program incentivizes community development and economic growth through the use of tax credits that attract private investment to distressed, low-income communities. Across the U.S., the NMTC Program has awarded $71 billion and created or retained 938,000+ jobs.
Punawai o Puuhonua Project Type:
Community Facility
Healthcare (e.g. health care facility)
Hospitality (e.g. hotel)
Education
Retail
Manufacturing
Project Location:
Must be in an NMTC eligible area in Hawaiʻi - please refer to the Novogradac NMTC mapping tool here
“Deep” or "Severe distress" census tract areas
On Hawaiian Home Lands that also overlap with “deep” or “severe” distress areas
DHHL lessees, permitees and licensees
Federal Medically Underserved Areas
Non-metropolitan areas
Project Cost:
Generally, the total project value should be a minimum of $10 million and the project should have a capital stack ready to cover most (~80%) of the monetary need for the project. NMTC funding is intended to close the funding gap.
Desired Community Outcomes:
Quality, accessible jobs
Provide community goods and services to low income residents
Previous Awards and Projects
2022 Award - $55M
Parents and Children Together
Hawaii Farming
Kanu o ka Aina Learning Ohana
2021 Award - $35M
Molokai General Hospital
2018 Award - $40M
West Hawaii Community Health Center
Queen’s North Hawaii Community Hospital
2016 Award - $55M
Nanakuli Village Center
Waianae Coast Comprehensive - Nanakuli Clinic
Queen’s North Hawaii Community Hospital
2012 Award - $40M
Forest City Sustainable Resources, Pearl City
Hilo Hawaiian Hotel Renovation
West Hawaii Community Health Center
CONTACT
To learn more about New Markets Tax Credit Program, please contact Oahu Economic Development Board at punawai@oedb.biz.
Updated March 2024