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Contingency plans for city housing sale highlight concerns

A default notice from the winning bidder prompts the city to gauge interest elsewhere

By Gordon Y.K. Pang

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

~~<p>The administration of Mayor Kirk Caldwell reached out last week to top potential buyers of 12 public housing projects should a pending $142 million deal fall through, heightening the anxiety at Honolulu Hale about a tenuous situation that could have serious financial and legal ramifications for the city.</p>
<p>The Honolulu Affordable Housing Preservation Initiative is the city's plan to get the city out of the affordable rental management business by offering 12 city housing projects under a 65-year lease. The Carlisle administration put out a request for proposals, and Honolulu Affordable Housing Partners in October 2012 won the right to make the purchase.</p>
~~

The administration of Mayor Kirk Caldwell reached out last week to top potential buyers of 12 public housing projects should a pending $142 million deal fall through, heightening the anxiety at Honolulu Hale about a tenuous situation that could have serious financial and legal ramifications for the city.

The Honolulu Affordable Housing Preservation Initiative is the city's plan to get the city out of the affordable rental management business by offering 12 city housing projects under a 65-year lease. The Carlisle administration put out a request for proposals, and Honolulu Affordable Housing Partners in October 2012 won the right to make the purchase. Login for more...



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