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MAYOR CARLISLE SIGNS AFFORDABLE HOUSING AGREEMENT
(Thurs., Oct. 18, 2012)—Mayor Peter Carlisle today signed a Purchase and Sale Agreement that will guide the transition of the City's 12 rental housing complexes under the Honolulu Affordable Housing Preservation Initiative.
"This new public-private collaboration will create new opportunities to sustain and enhance our rental housing complexes for the benefit of the residents and all
"We are honored to have been selected as long-term stewards of the City and County of Honolulu's affordable housing portfolio and look forward to bringing quality improvements and upgrades to the properties that will benefit the residents for years to come," said Bill Rice, partner, Honolulu Affordable Housing Partners, LLC (HAHP). "We greatly appreciate the vision, commitment, and hard work put in by the Mayor, his staff, the City Council, and the rest of the Honolulu Affordable Housing Preservation Initiative team who made this partnership a success."
Signing the Purchase and Sale Agreement allows HAHP to begin a due diligence period during which HAHP will conduct detailed inspections and analysis of each property. HAHP will immediately make an initial deposit of $1 million against the $142 million lease premium owed to the City under the Purchase and Sale Agreement. Following the satisfactory conclusion of due diligence, HAHP will secure the financing necessary to close the transaction.
The members of HAHP include Highland Property Development, LLC, of
The transition is designed to improve the rental housing portfolio and keep it affordable for low-income residents, while relieving
Media contact: Louise Kim McCoy, Mayor's Office, 768-7798.