Kukui Gardens to be sold 2500 Tenants to be evicted!

[1stwahine]

Re: Kukui Gardens Agreement Reached

You think they only think one way or they just not bright enough to come up with ideas like that? Maybe we should pass that along and then see what they think.

HAHAHAHAHAHA

Well, there's HOPE! My State Rep. was newly elected in office and Kukui Gardens just happens to be in his District. He is Rep. Karl Rhoads. Now it remains to be seen if MWH is going to be forgotten like in the past.

As for the rest ~ Both!heheheh

We need new Blood and New Ideas! When you stay in Office too long ~ too much Limu grows no can see clearly!

Auntie Lynn

[achow]

Re: Kukui Gardens to be sold 2500 Tenants to be evicted!

Mahalo for the update on the Kukui Garden deal... I really appreciate it.

[1stwahine]

Re: Kukui Gardens Agreement Reached

Forgot to ask, is MWH owned by the state at the moment?

Just saw your question.

MWH is owned by the State and Run by the State.

Auntie Lynn

[GeckoGeek]

Re: Kukui Gardens Agreement Reached

Astolfi said all residents earn less than 120 percent of the median income.

Interesting. Not just median, but 120% of median. I guess I'm not quite connected with what affordable housing is about.

[TuNnL]

Re: Kukui Gardens to be sold 2500 Tenants to be evicted!

Someone tell me what this latest development means...

Suit filed over Kukui Gardens transfer

By Nelson Daranciang
ndaranciang@starbulletin.com

The former owner of the Kukui Gardens housing complex says its mortgage holder is not allowing it to pay off what it owes on the loan until it pays $4 million in prepayment and other fees.

[GeckoGeek]

Re: Kukui Gardens to be sold 2500 Tenants to be evicted!

Someone tell me what this latest development means...

The quick summery - a battle between two parties that have little to do with the politics surrounding Kukui Gardens except for the fact that it happens to be that building.

I'm not sure of your knowledge level, so I'll go a bit basic. When a mortgage is taken out on a unit, the loan is placed on the title of the property. The title can't be transfered unless the mortgage holder says "ok".

There's usually two ways to get the ok. One is to have the buyer assume the mortgage (provided the mortgage can be assumed and the mortgage holder is ok with the buyer). The other way is to pay off the mortgage.

A mortgage is a financial contract that goes for a specific period of time. If it's payed off early, that's called "prepayment". That's usually covered in the contract. Keep in mind the mortgage holder is getting income off the interest. By prepaying, they get their principle sooner, but they don't get the interest they would have otherwise received. So some times there's a prepayment penalty.

While the SB article says the loan was "below market", I'll bet it was below market in 1969. A quick google shows the prime rate in 1969 was between 1 to 1.5 points higher then today. So I think the mortgage holder isn't going to want to turn loose of their investment and is assessing a high prepayment penalty.

Without knowing the terms of the contract, I've got no clue who is going to win this one (besides the lawyers).

[Ron Whitfield]

Kukui Housing disgrace?

The renovations are nearing completion, and today we get news that these once affordable units will now be unavailable to the residents unless they accept a quadruple increase in rent!
http://www.staradvertiser.com/news/h...uncertain.html