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Affordable Housing Sale

Honolulu, HI: (Nov-20-07) The new owners of Kukui Gardens entered into a settlement with representatives of the Kukui Gardens Residents Association and Faith Action for Community Equity, over maintaining the complex as affordable housing. The lawsuit against the owners was a bid to stop the sale of the 857-unit complex, which houses about 2,500 people.

As per the terms of the agreement, Dan Davidson, executive director of the Hawaii Housing Finance and Development Corp., stated that a sale agreement will give Kukui Gardens Corp. $131 million for the 22-acre site. The sale of the property to Carmel Partners, a San Francisco-based real estate company, and the state development agency will be finalized shortly. Kukui Gardens was built in 1970 by the late Clarence T.C. Ching. As a condition for receiving federal housing assistance, Kukui Gardens Corp. was required to provide affordable housing through the 2011 expiration of its mortgage. The agreement stipulated that Carmel Partners will pay $71.7 million for 12 acres. It agrees to maintain its 468 units at affordable rental rates for 55 years, according to terms released by the state. The Hawaii Housing Finance and Development Corp. will purchase the other 10 acres for $59.6 million. [HONOLULU STAR BULLETIN: AFFORDABLE HOUSING]


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Published on Nov-22-07


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