Mayor Peter Carlisle today announced the mission of the Honolulu Affordable Housing Preservation Initiative, which will help to secure the affordability of twelve of the city’s low-income rental properties. The initiative will hold in place existing affordable housing guidelines, and no existing units will be lost. The program’s objectives are:
- Preserve the inventory of rental housing units by transitioning ownership to a private-sector entity which will manage, operate, and maintain the rental housing complexes.
- Preservation of affordability is the first priority. Existing affordable rental housing guidelines to remain in place. There will be no conversion of affordable rental units to market-rate rentals or condominiums.
- Create a new public-private partnership to harness the resources and management skills of the private sector to create a better living environment for apartment residents.
- No displacement. All tenants in good standing are encouraged to stay and be a part of the future of the rental housing complexes.
- Sale to the private-sector partner will be on a leasehold basis. The City will retain ownership of the underlying land.
