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Saturday, January 25, 2014
Honolulu Affordable Housing Preservation Initiative sale terminated
By News Release @ 3:53 AM :: 3510 Views :: Honolulu County

Honolulu Affordable Housing Preservation Initiative sale terminated

News Release from City and County of Honolulu, January 23, 2014

Honolulu - City Managing Director Ember Shinn tonight announced that the transaction between the City and County of Honolulu and Honolulu Affordable Housing Partners, LLC (HAHP LLC) for the leasehold sale of 12 affordable housing properties included in the Honolulu Affordable Housing Preservation Initiative (HAHPI) has been terminated.

In an email to the Honolulu City Council sent this evening, Managing Director Shinn advised that HAHP LLC, the proposed buyer of the HAHPI properties, terminated the transaction by letter dated and received today, January 23rd.

“We are extremely disappointed that Honolulu Affordable Housing Partners LLC was unable to satisfy the City’s requirements for the seller-financing requested by HAHP LLC, and to develop a workable solution in order to close by the deadline,” said Shinn. “The City is most concerned about the impact to its Housing First initiative, which would develop much needed housing for the chronic homeless population, and to the housing properties included in the HAHPI, which would have benefitted from improvements at those properties.”

Yesterday, the administration filed a proposed ordinance seeking approval for a new Request for Proposals (RFP) to lease the HAHPI properties. The City intends to move forward as expeditiously as possible to secure a buyer for these properties.

Letter dated January 23, 2014 terminating the transaction here

Letter dated January 16, 2014 outlining the City’s specific terms for inclusion in the buyer’s proposal for seller financing here

Email from MD Shinn to Honolulu City Council here

- END -

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