Over 250 residents of Front Street Apartments in Lahaina received good news. Governor David Ige signed a bill to keep rents from increasing to market prices. Hawaii Finance and Development Corporation will begin negotiations with the Front Street Apartments owners in the hopes of acquiring the property.
Owners of the affordable housing apartments originally wanted to raise the rent rates to market value by August 2019. Hawaii Finance and Development Corporation (HHFDC) have put a hold until August 2020 for now while court proceedings filed by tenants are completed or until HHFDC can purchase the property.
HHFDC is undergoing the due diligence process for appraisal and funding of the apartments. Although the saga isn’t fully over, there is hope for the tenants that a solution is around the corner and that they will be able to maintain their residences.