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CITY LAUNCHES HOUSING PRESERVATION INITIATIVE     (Fri., Sept.16, 2011)—Mayor Peter Carlisle today announced the mission of the Honolulu Affordable Housing Preservation Initiative, which is to secure the future of City rental apartments.               HAHPI will transition ownership and management of 12 City apartment complexes to the private sector while keeping them affordable to lower-income residents, as Carlisle outlined in February during his first State of the City speech.               Officials began informing apartment residents on August 25, 2011 and the project team is currently holding informational briefings at each of the properties to discuss the plans and answer questions.               "Our number one goal is to preserve affordability," said Carlisle. "The rent restrictions, currently in place, will remain. We plan to harness the skills and resources of the private sector to create a better living environment for our residents."                 Conveyance of the properties will be on a leasehold basis, subject to City Council approval. The City will retain ownership of the underlying land. Affordable housing guidelines will remain and there will be no loss of affordable housing units. Existing tenant leases will be honored during the transition.               The 12 apartment complexes, with 1,250 units, are:   Chinatown Gateway Plaza Marin Tower Chinatown Manor Harbor Village Pauahi Hale Winston Hale West Loch Village Elderly Manoa Gardens Westlake Apartments Kulana Nani Kanoa Apartments Bachelor's Quarters               The City has retained CB Richard Ellis, one of Hawaii's leading real estate brokerage firms, to help solicit and review proposals from private entities interested in acquiring the City's rental housing complexes.               The purchaser, which will be selected through a Request for Proposals, must be a qualified entity with an established track record of successfully operating and maintaining affordable rental housing projects. Upon the conclusion of the sale of the properties, the purchaser will be responsible for the management and maintenance of the rental housing complexes.   -30-   Media contact: Louise Kim McCoy, Mayor's Office, 768-7798.   Fact Sheet Honolulu Affordable Housing Preservation Initiative   Program Objectives   To preserve the City's inventory of rental housing units by transitioning ownership to a private-sector entity which will assume the responsibility to manage, operate, and maintain the rental housing complexes.     v     Preservation of affordability is the first priority.  Existing affordable rental housing guidelines to remain in place.  There will be no conversion of affordable rental units to market-rate rentals or condominiums.   v     Create a new public-private partnership to harness the resources and management skills of the private sector to create a better living environment for apartment residents.   v     No displacement.  All tenants in good standing are encouraged to stay and be a part of the future of the rental housing complexes.   v     Sale to the private-sector partner will be on a leasehold basis.  The City will retain ownership of the underlying land.   Participating Agencies   Office of Housing Department of Community Services Department of Facility Maintenance Department of Budget and Fiscal Services – Project Management Office   Project Consultant   CB Richard Ellis   Rental Housing Complexes   Property Location Rental Units Low/ Moderate Gap Market Total Bachelor's Quarters 91-1216 Renton Rd., Ewa Villages 10     10 Chinatown Gateway Plaza 1031 Nuuanu Avenue, Chinatown 41 79 80 200 Chinatown Manor 175 N. Hotel Street, Chinatown 89     89 Harbor Village 901 River Street, Chinatown 30 30 30 90 Kanoa Apartments 846 Kanoa Street, Palama 14     14 Kulana Nani 46-229 Kahuhipa Street, Kaneohe 160     160 Manoa Gardens 2790 Kahaloa Drive, Manoa   8 33 41 Marin Tower 60 N. Nimitz Highway, Chinatown 89 72 75 236 Pauahi Hale 126 N. Pauahi Street, Chinatown 77     77 West Loch Elderly 91-1450 Renton Road, Ewa 150     150 Westlake Apartments 3139 Ala Ilima Street, Salt Lake 96     96 Winston Hale 1055 River Street, Chinatown 94     94 Total   850 189 218 1,257 Low/Moderate – 80% or less of the median family income Gap – 80% to 120% of the median family income Market – greater than 120% of the median family income