State agency offers apartment buildings to private investors - KFVE, K5-Hawaii News Now, Local Programming

State agency offers apartment buildings to private investors

(Image: Hawaii News Now/file) (Image: Hawaii News Now/file)

HONOLULU (AP) - A Hawaii agency has decided to lease six of its apartment properties to a private investor, prompting affordable-housing advocates to worry that the state's shortage of space for low-income families could become worse.

The Honolulu Star-Advertiser reported Wednesday that the properties include a total of 1,221 rental units on Oahu, Maui and Hawaii island, which are currently occupied by hundreds of low-income tenants who rely on rent subsidies.

The six projects were developed in the early 1990s to cater to moderate-income families.

Officials say in an effort to minimize displacement, the agency will impose affordability requirements on any new owner, capping annual rent increases at 2 percent for the first five years for current tenants. But after that, rent could increase up to the maximum income caps for five of the six properties.

Copyright 2017 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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