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HCDA board authorizes deferral of shared‑equity payment for Rycroft Terrace unit
Summary
The Hawaiʻi Community Development Authority board voted Dec. 3 to authorize a staff request to defer a shared‑equity payment for Rycroft Terrace Unit 534 after the unit owner’s death; the owner’s son, living in the unit, confirmed he will assume mortgage and association dues and the deferral will end if the unit is later transferred or sold.
The Hawaiʻi Community Development Authority’s Kakaako Authority on Dec. 3 authorized the executive director to defer payment of shared equity owed on Rycroft Terrace Unit 534 following the death of the unit owner.
Asset manager Lynn Badoy told the board the unit passed through probate about a year ago and the owner’s son — named in staff remarks as the beneficiary — is living in the unit and does not plan to sell. Badoy said the usual trigger for shared‑equity payment is a transfer of title; because the son intends to remain in the unit, he requested a deferral and understands the obligation will be payable when he transfers or sells the unit.
Board members asked whether the beneficiary would assume mortgage and association obligations; the person identified as the beneficiary confirmed he will assume mortgage payments and association dues. No members of the public provided testimony on the item.
Member Scribe moved to authorize the executive director to defer the shared‑equity payment; Vice Chair Ishii seconded. The motion passed on roll call with seven yes votes and two members excused (no abstentions). The board recorded the action as an authorization for the executive director to undertake tasks necessary to effectuate the deferral; staff did not specify a fixed expiration date for the deferral beyond the stated triggers (sale or transfer).
