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The Honolulu Advertiser
Posted on: Wednesday, January 9, 2008

WAIPAHU
Mokuola rental plan clears zoning committee

Advertiser Staff

A plan to convert an affordable for-sale condominium complex to affordable rentals cleared the City Council's Zoning Committee yesterday with amendments.

Only three of the 70 two-bedroom units in Mokuola Vista, on the corner of Mokuola Street and Kau'olu Place, have been sold. Developer GSF Inc. attributed the slow sales to a downturn in the economy.

Units were going for $260,000 to $270,000 and were aimed at those making up to 140 percent of O'ahu median income.

Rentals are expected to go for about $800 a month to those making 60 percent of O'ahu median income.

The committee rejected GSF's request to leverage the affordable housing requirements of other developers to help finance the project.

Committee members also rejected language giving the developer the option to revert back to a sales complex provided no renters would be displaced.

GSF representative Keith Kurahashi said the developer would be able to work with the amendments.

"We just have to work on getting state funding for the project," he said.