‘Bold’ plan to develop leasehold condos on state land renewed

For the third time in three years, a state effort to produce affordable middle-class housing at no long-term taxpayer expense is being buffeted at the Legislature despite substantial backing.

The idea, first floated in 2019, is to build leasehold high-rise condominiums on state land and sell these homes at cost with 99-year land leases.

Dubbed ALOHA Homes (Affordable Locally Owned Homes for All), the plan would allow the state to recapture its development cost for one tower and plow the money back into another tower and another and so on.

https://www.staradvertiser.com/2021/02/22/hawaii-news/bold-plan-to-develop-leasehold-condos-on-state-land-renewed/