"Transitioning ownership of these projects will relieve the city of the responsibility and cost of operating and managing these projects," says Honolulu Mayor Peter Carlisle.
There’s been talk of selling these properties for years. On Wednesday, the city sent out a request for proposal seeking a single buyer to purchase the 12 complexes and lease the land from the City for 65 years.
"We’ve sent it out to approximately 1,000 significant institutional and private investors around the country and we’ve had dozens and dozens of replies so far," says Scott Gomes, CB Richard Ellis.
The deal includes 1,257 total units. 850 of which are for low to moderate income households. Residents want to make sure every affordable unit that exists now – stays affordable.
"Making sure once someone moves out, that that unit is still kept affordable so another affordable family can come and move in," says Micki Fine, West Lake Apartments resident.
The city says the terms of the lease would require that no affordable units be converted to market-rate rentals or condos and that no tenants be displaced.
"We’re going to make sure the city and county is sticking to their word," says Fine.
The city says a buyer would also assume full responsibility for the operation, management and maintenance of the rental housing complexes.
"Further it will relieve our taxpayers of the responsibility of paying for future capitol improvements and repairs to these buildings," says Mayor Carlisle.
"There’s lots of repairs that need to be done. I know the city had trouble maintaining it, but I’m hopeful that the next people that own it will be able to help us out," says Connie Geisler, Winston Hale resident.
The city is planning to do site inspections with interested buyers next month. If all goes as planned – the city expects to find a buyer, get approval from the city council and sign the deal by this summer.
See the original article at: KHON2 Local News
