Company: BOH
Filing Date: 2025-03-14
Form Type: DEF 14A
Source: 0000950170-25-039381
Chunk: 37

Company: BANK OF HAWAII CORP
Filing Date: 2025-03-14
Form: DEF 14A
Chunk 37
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 committed to investing in new opportunities to create more homes across the state, including these recent developments on three different islands. The following is a highlight of several housing developments supported by Bank of Hawai'i that broke ground in 2024: Pālolo Homes, Pālolo Valley, O‘ahu Pālolo Homes features 63 two-story apartment buildings with more than 300 affordable units for families and individuals who earn 30% to 60% of the area median income (AMI). Overseen by Mutual Housing Association of Hawai‘i, ground was broken in December 2024 to begin rehabilitation and upgrades to the structures. Bank of Hawai‘i is supporting this renovation project with $31.5 million in construction and permanent lending. Hale O Pi‘ikea Phase II, Kihei, Maui The Hale O Pi‘ikea affordable housing project will open 223 new rental units for Maui families and individuals who earn 30% to 60% of the AMI and is on track for completion in 2025. Groundbreaking for Phase I began in 2023, and ‘Ikenakea Development began construction on Phase II in September 2024. Phase II features 95 units dedicated to kūpuna with one unit set aside for special needs or homeless individuals. Bank of Hawai‘i supported Phase II with $27.5 million in construction lending and over $10.7 million in equity. We also provided lending support for Phase 1, which included 90 units of one, two and three bedrooms, and will support construction of another 36 units in Phase III in 2025. COMMITMENT TO SUSTAINABILITY IN THE WAY WE DO BUSINESS Bank of Hawai ' i seeks out projects that advance our overall environmental strategy, such as those that support renewable energy. Building sound environmentally minded investments into our portfolio reduces risk and increases our value to investors by reducing our impact on the environment and thereby increasing efficiency. Bank of Hawai ' i is constantly improving its operations to proactively find more efficient and effective ways to ensure both the long-term success of the Company and the continued vitality of the communities we serve. Through its modernization efforts, the Company is helping to do its part in offsetting the negative impacts of climate change, such as extreme weather conditions, natural disasters and rising sea levels, which are of significant concern to the Company, its operations, its customers and third-party vendors upon which it relies. Financing the Future The Company actively participates in the financing of photovoltaic/energy savings projects.