Hawaii cuts price for state's affordable housing portfolio by $40M

The Hawaii Housing Finance Development Corp. has approved a modification to the sale of the state’s affordable housing portfolio to a partnership of Stanford Carr Development and Standard Property Co. that discounts the purchase price by $40 million but increases the amount of money the buyers will spend to renovate the six properties by $31.2 million.

The partnership, which is called Komohale LP, had agreed on Dec. 14, 2017, to pay $170 million for the six leasehold properties and spend $53.9…

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