The Honolulu City Council voted in favor of allowing the city to sell 12 affordable rental complexes to a private company for $142 million. In a 6-2 decision, the city council noted that the Honolulu Affordable Housing Partners LLC, who made the offer, would have a 65-year long lease with the city and have to spend a minimum of $42 million of their own money to renovate the projects. This will help to save city taxpayers approximately $500,000 per month currently being spent to subsidize the complexes.
Councilmen Tom Berg and Romy Cachola both voted against the proposal and stated that they wished to postpone a final decision until more concerns were met. Current residents expressed a huge concern about how much rents would increase under new private management.
Source: Honolulu Star Advertiser, 10-12-2012, 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
