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3-year wait estimated for sale of city rentals

Officials reject a pair of offers to purchase housing as too low to meet obligations

By Gordon Y.K. Pang

POSTED: 01:30 a.m. HST, Feb 06, 2014

~~<p>City officials are now anticipating it may take up to three years to sell off 12 rental projects after the collapse last month of a $142 million deal with the nonprofit Honolulu Affordable Housing Partners LLC.</p>
<p>Members of the Hono&shy;lulu City Council's Budget Committee were also told Wednesday by city Managing Director Ember Shinn that the administration turned down $105 million from another potential buyer because it was not enough to pay off the debt and other costs tied to the purchase or development of the 12 complexes scattered across Oahu.</p>
~~

City officials are now anticipating it may take up to three years to sell off 12 rental projects after the collapse last month of a $142 million deal with the nonprofit Honolulu Affordable Housing Partners LLC.

Members of the Hono­lulu City Council's Budget Committee were also told Wednesday by city Managing Director Ember Shinn that the administration turned down $105 million from another potential buyer because it was not enough to pay off the debt and other costs tied to the purchase or development of the 12 complexes scattered across Oahu. Login for more...



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