Mayor inks deal to sell off affordable public housing

By Gordon Y.K. Pang

POSTED: 01:30 a.m. HST, Oct 19, 2012

~~<p>Mayor Peter Carlisle signed an agreement Thursday clearing the way for the lease of the city's 12 affordable housing complexes to a private group for $142 million, carrying out the goal of several mayoral administrations to get the city out of the affordable rental management business.</p>
<p>Honolulu Affordable Housing Partners LLC, a partnership led by Arcadia, Calif.-based Highland Property Development LLC, promised to keep rental prices within federal affordable housing guidelines for the life of the 65-year lease. The consortium also promised up to $42 million in renovations.</p>
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Mayor Peter Carlisle signed an agreement Thursday clearing the way for the lease of the city's 12 affordable housing complexes to a private group for $142 million, carrying out the goal of several mayoral administrations to get the city out of the affordable rental management business.

Honolulu Affordable Housing Partners LLC, a partnership led by Arcadia, Calif.-based Highland Property Development LLC, promised to keep rental prices within federal affordable housing guidelines for the life of the 65-year lease. The consortium also promised up to $42 million in renovations. Login for more...