According to a press release from the office of Peter Carlisle, Mayor of Honolulu, a private company has been given approval to buy and manage a total of 12 affordable housing complexes for the city. The company, named Honolulu Affordable Housing Partners LLC, has agreed to spend approximately $37 million to renovate the buildings if they are allowed to make the purchase. The final purchase price and terms of the contract have not been finalized. However, it is generally understood that the buyer would lease the land from the city for 65 years and be required to keep most of the units as affordable housing. The City Council would still have to give their approval.
Keith Ishida, the city housing director, commented, “Right now, the City and County of Honolulu, like all municipalities, we have very limited resources and we just simply do not have the means to raise $30,000 a unit to renovate. But by partnering with the private sector, using their acumen and their financing skills and development skills, we really can create a better living environment for our residents.”
Source: Honolulu Star Advertiser, 6-21-2012, www.staradvertiser.com
Posted by Jeff Uyemura-Reyes, Broker-in-Charge, Realtor®
Global Executive Realty, LLC
www.myhawaiihomesearch.com
www.myhawaiicondo.com
www.myhawaiidreamhome.com
Posted by Jeff Uyemura-Reyes, Broker-in-Charge, Realtor®
Global Executive Realty, LLC
www.myhawaiihomesearch.com
www.myhawaiicondo.com
www.myhawaiidreamhome.com
