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Buyer of housing projects warns of $2.5M default cost

By Timothy Hurley

POSTED: 01:30 a.m. HST, Dec 11, 2013

~~<p>The company that agreed to buy 12 city-owned housing projects warned Tuesday that Honolulu likely will have to forfeit at least $2.5 million in damages for jeopardizing the deal's financing.</p>
<p>The &quot;notice of default&quot; from Honolulu Affordable Housing Partners LLC claims the City Council's proposal to rescind the sale contract has already undermined the company's financing for the $143 million deal.</p>
~~

The company that agreed to buy 12 city-owned housing projects warned Tuesday that Honolulu likely will have to forfeit at least $2.5 million in damages for jeopardizing the deal's financing.

The "notice of default" from Honolulu Affordable Housing Partners LLC claims the City Council's proposal to rescind the sale contract has already undermined the company's financing for the $143 million deal. Login for more...



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