Carlisle signs affordable housing partnership; saves city money

Sign on the dotted line.

That's what Honolulu Mayor Peter Carlisle did Thursday in a purchase and sale agreement that places the city's 12 rental housing complexes under the Honolulu Affordable Housing Preservation (HAHP) Initiative.

The HAHP says rents will remain affordable.

"Our goal is to find an appropriate nonprofit that can have the strategic, long-term vision and the services to make a difference at those properties," said Bill Rice, of the Honolulu Affordable Housing Partners. "But, either way, Highland and the Honolulu Affordable Housing Preservation Partners are committed to making sure that these assets are protected."

The public-private partnership will give the city a lump sum payment of $142 million while saving taxpayers an additional $500,000 per month.