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Tuesday, January 7, 2014
City: Bridge Financing Can Save Housing Deal
By News Release @ 8:27 PM :: 3705 Views :: Honolulu County

Update on affordable housing sale

City receives timely response from Honolulu Affordable Housing Partners, LLC

News Release from City of Honolulu January 7, 2014

Honolulu – On Monday, Jan. 6, the Honolulu Affordable Housing Partners LLC (HAHP) met the city’s deadline to respond regarding its good faith commitment to close the transaction to lease the city’s 12 affordable housing properties by March 31, 2014.  Specifically, HAHP stated:

“…HAHP LLC believes that, if the City and County were to provide “bridge” financing to cover the Purchase Price on terms and conditions agreeable to the City and County and HAHP LLC – and thereby allow HAHP LLC the opportunity and time to do what is necessary to obtain commitments for and to close HAHP LLC’s long-term/permanent financing for the transactions – there would be a reasonable possibility that the requested extension of the Financing Contingency Date would enable (it) to close the transactions by March 31, 2014…”

Managing Director Ember Shinn said: “Based upon representations of the HAHP, the city is pleased to extend the financing contingency to March 31, 2014 in order for the parties to close the sale of the city’s 12 affordable housing properties.  The parties are committed to taking extraordinary efforts to make this deal work for the betterment of the tenants of the housing properties and for the City and its residents.”

See the HAHP letter here.

-END-

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