In The News
Governor Backs Kukui Gardens Housing
October 26, 2006
KGMB9
Residents of the Kukui Gardens affordable rental complex got some support from Gov. Linda Lingle today.
The owners of Kukui Gardens want to sell the complex to a California company for $140 million.
But since the apartments were built with federal money, the owners must pay off their mortgage before a sale can take place.
The governor has written to the federal government saying it would be illegal to allow the owners to pay off that mortgage before their loan expires in 2011.
Lingle’s letter also cites the critical shortage of affordable rentals statewide.
“It’s even worse than most of us though it was, and in that kind of situation, to basically dump 857 units of affordable rentals makes no sense at all,” said affordable housing advocate Bob Nakata.
The current owners say the “would-be” purchaser will honor the government’s requirement to keep rents affordable until 2011.
