HONOLULU, HI-Honolulu public officials made a deal this week to revive the $142 million sale of 12 public affordable housing complexes to a private developer.
The city had planned to sell the apartments to Honolulu Affordable Housing Partners, LLC since October 2012, but the development group's financiers had second thoughts after members of the city council expressed opposition to such an arrangement, according to local media reports..
On Monday, city managing director Ember Shinn announced that the city had come to an interim agreement with the development group that will give it more time to complete the transaction by a March 31 deadline.
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David Phillips
David Phillips is a Chicago-based freelance writer and consultant with more than 20 years experience in business and community news. He also has extensive reporting experience in the food manufacturing industry for national trade publications.
