The City and County of Honolulu has stated that they would like to sell a total of 12 affordable housing complexes that they own to the Honolulu Affordable Housing Partners LLC, a private company, for the sum of $142 million. Under the proposed agreement, the Honolulu Affordable Housing Partners would also have to complete $42 million in improvements for the affordable housing complexes. The plan calls for offering a 65 year long lease with the HAHP while the city retains ownership of the land. The City Council’s Budget Committee will be meeting to discuss the proposal and if acceptable will bring it before the entire City Council for approval.
However, there has been concern from residents and various advocacy groups that rents would go up drastically under the new management. City Councilman Ikaika Anderson stated that he also was concerned that there would no longer and oversight by the City Council once a third part takes over ownership and management. Anderson stated more issues needed to be addressed before a decision could me made.
Source: Honolulu Star Advertiser, 10-2-2012, 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
