HONOLULU, Hawaii (HawaiiNewsNow) - The state has acquired the land under the Front Street Apartments on Maui in a bid to keep the project affordable.
The state purchased the land for $15 million.
The next step: Entering negotiations with the owners of the 142-unit apartment building to shield residents from significant rent increases.
Some 250 tenants live in the building in Lahaina.
The complex was expected to remain affordable for 51 years, but after just 17 years the owner sought to exercise a legal option to raise rents to market value.
“This acquisition brings us closer to protecting tenants from significant rent increases that could displace them," said Gov. David Ige, in a news release.
“We are working toward more affordable housing for not only Maui residents, but for our families across the state.”
This story will be updated.