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City's affordable housing deal might hinge on seller financing

The buyers say it's possible they can complete the sale by the new deadline

By Gordon Y.K. Pang

POSTED: 01:30 a.m. HST, Jan 07, 2014

~~<p>The continuation of negotiations between the city and the group that agreed to pay $142 million for the lease interest in 12 Oahu housing complexes is contingent on the city's agreement to arrange &quot;seller financing&quot; to the partners.</p>
<p>City attorneys have also determined that a deal with Hono&shy;lulu Affordable Housing Partners LLC must be reached by March 31, or the city would be required to start from scratch, reopening the process for the so-called Hono&shy;lulu Affordable Housing Preservation Initiative to other potential purchasers, a process that could take three years.</p>
~~

The continuation of negotiations between the city and the group that agreed to pay $142 million for the lease interest in 12 Oahu housing complexes is contingent on the city's agreement to arrange "seller financing" to the partners.

City attorneys have also determined that a deal with Hono­lulu Affordable Housing Partners LLC must be reached by March 31, or the city would be required to start from scratch, reopening the process for the so-called Hono­lulu Affordable Housing Preservation Initiative to other potential purchasers, a process that could take three years. Login for more...



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