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Housing administrator reports transfer of affordable housing tax credits; sale price not included in quarterly filing
Summary
The county's quarterly affordable housing report noted a transfer of housing tax credits from Armstrong Companies LLC to R.J.L. LLC but did not include sale price. Housing Administrator Kehaulani M. Costa said transfers must be vetted through the community development division and reviewed by corporation counsel before recordation.
The committee received the county's quarterly affordable housing report for April 1–June 30, 2025, and asked staff about a recent transfer of affordable-housing tax credits.
Kehaulani M. Costa, housing administrator, told the committee the notable change for the quarter was a developer sale: Armstrong Companies LLC sold 6.5 housing tax credits to R.J.L. LLC, which satisfied an obligation tied to affordable-housing requirements. Costa said the report's template does not include sales prices; when Council Member Kaguata asked for the sale amount Costa said the figure "is not part of this report" but that the community development division maintains more detailed records and could provide the information in a follow-up communication.
Costa described the county process for transfers: the inventory of credits is checked to verify the credits are legitimate and meet obligations, the community development division vetting is followed by a review and recordation process involving corporation counsel, and satisfaction is recorded and reported to the county so the inventory remains balanced. Council members requested additional transfer details in future quarterly reports; Costa said the report template could be updated to add more information.
