Compromise is never ideal. But in the case of Kukui Gardens, the affordable housing development near Chinatown, the current proposal brings us closer to the goal of preserving the most affordable housing units in Downtown Honolulu in perpetuity.

With a March deadline, there's room to explore an even better deal for everyone involved, including taxpayers.

Carmel Partners of San Francisco intends to buy Kukui Gardens, an expiring affordable HUD development, from its owners, the Ching Foundation, for $130 million. The compromise allows the tenants' association and its non-profit representatives, chiefly the Ecumenical Association for Housing, to buy out Carmel for half of the 22 acre project — if the tenants can raise about $64 million.

In all, the tenants will need closer to $88 million to preserve 415 of the existing affordable units. EAH is expecting $55 million of that to come from the state. This money, according to tenants representative Chun U Lee, could be a loan in the form of a state bond.

Still, $55 million to preserve 415 units of low-cost rentals in Downtown is relatively inexpensive, especially when compared to the costly eminent domain action the Legislature and governor backed last year as a last resort.

Critics say the state should own and operate the property. But it would be better if the state passed on the management to a qualified nonprofit. EAH has successfully operated Kukui Tower, nearby Kukui Gardens, for more than 10 years.

There is still one more avenue worth exploring: In October, Bishop Larry Silva of the Catholic Diocese of Honolulu essentially asked Kukui Gardens' owners and its beneficiaries — St. Francis system, Chaminade University and Saint Louis School — to reconsider the sales price. Church representatives should be part of one last-minute push to negotiate a lower overall sale price, which would effectively lower the amount required from the state.

As all the parties seek aggressive solutions, legislators should pay close attention. More leases on HUD projects will expire, and they will need a comprehensive plan to save and preserve precious affordable-housing units.

The time to start planning for that is now.