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OPPORTUNITY

Hilco Streambank is offering real estate developers and investors in Hawai‘i County, Hawaii the opportunity to acquire Affordable Housing Credits (“Credits”) that can be used to satisfy the affordable housing obligations imposed under Chapter 11 of the Hawai‘i County Code. Hilco Streambank is initially offering up to 10 Credits. Additional Credits may be made available upon request. The Credits were granted by Hawai‘i County on November 17, 2015. The Credits may be utilized to satisfy a developer’s affordable housing obligations throughout Hawai‘i County (the “Big Island”), with no radius restrictions.

SALE PROCESS

Interested parties are asked to submit an offer form
on or before August 8, 2019, which, among other things,
requires each party to indicate an offer of
no less than $25,000 per Credit. Further information regarding
the Credit transfer process can be found here.

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Use Of Affordable Housing Credits To Meet Affordable Housing Requirements

Chapter 11 of the Hawai‘i County Code requires developers of certain residential units, certain resorts and hotels and certain industrial projects to construct affordable units or lots to meet the affordable housing requirements of Section 11-4 of the Hawai‘i County Code.

In lieu of the construction of affordable housing units, developers may utilize excess affordable housing credits granted by Hawai'i County under an Affordable Housing Agreement. The Credits do not expire and purchasers may re-sell their Credits in increments of one-half Credit or more. Credits are transferable to developers of other projects to fulfill part or all of their affordable housing requirements.

*Hilco Streambank is not offering legal advice regarding Hawaii law or the Credits, including the potential use thereof.

 

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