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HCDA reports cash shortfall, delinquencies and rehab plan for Honua Kaha senior rentals
Summary
Hawaiʻi Community Development Authority staff told the Kakaʻako Authority on May 7 that the Honua Kaha senior rental project is operating at a short-term net deficit amid vacancies and tenant delinquencies; staff described a plan of unit rehabilitations, collections and a longer-term move toward divestment.
The Hawaiʻi Community Development Authority on May 7 told the Kakaʻako Authority that the Honua Kaha senior rental housing project at 545 Queen Street is operating at a short-term deficit and that staff expect continued renovation and leasing activity to drive recovery.
HCDA Chief Financial Officer Garrett Sasaki told the board that income was down because of vacancies and that expenses were higher in part because the operator had begun renovations. “Net deficit of $230,000, but the property started the year with a little over $500,000 in cash,” Sasaki said.
The board heard that tenant receivables total about $150,000 and that several tenants are severely delinquent. Sasaki and other staff said they are working with the management company (referred to as MDI in the presentation) to identify delinquent tenants and to begin collection steps.…
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