Post by Logan on Dec 6, 2016 12:06:13 GMT -6
Empty dorm beds costing UH-Hilo: Options weighed to fill Hale Alahonua, end use of reserve funds
The University of Hawaii at Hilo is mulling ways to boost low occupancy in its newest residence hall, a problem that has forced the school to dip into reserve funds in order to pay back debt from the building’s construction.
Hale ‘Alahonua, a 300-bed, suite-style dormitory opened in fall 2013 to help mitigate a housing shortage. It was the first dorm built at UH-Hilo since 1989.
Part of the $28 million project was funded with a 30-year, $17 million revenue bond, to be paid back through money generated from housing fees.
But the dorm has since struggled to fill all its beds. Occupancy was 57 percent that first year and dipped as low as 39 percent in 2015. It’s currently 49 percent full. All other dormitories at UH-Hilo range between 83 percent and 99 percent full, according to information provided to the Tribune-Herald.
Read more: www.hawaiitribune-herald.com/news/local-news/empty-dorm-beds-costing-uh-hilo-options-weighed-fill-hale-alahonua-end-use-reserve
The University of Hawaii at Hilo is mulling ways to boost low occupancy in its newest residence hall, a problem that has forced the school to dip into reserve funds in order to pay back debt from the building’s construction.
Hale ‘Alahonua, a 300-bed, suite-style dormitory opened in fall 2013 to help mitigate a housing shortage. It was the first dorm built at UH-Hilo since 1989.
Part of the $28 million project was funded with a 30-year, $17 million revenue bond, to be paid back through money generated from housing fees.
But the dorm has since struggled to fill all its beds. Occupancy was 57 percent that first year and dipped as low as 39 percent in 2015. It’s currently 49 percent full. All other dormitories at UH-Hilo range between 83 percent and 99 percent full, according to information provided to the Tribune-Herald.
Read more: www.hawaiitribune-herald.com/news/local-news/empty-dorm-beds-costing-uh-hilo-options-weighed-fill-hale-alahonua-end-use-reserve