Star Advertiser: REITs chip in to help Hawaii affordable housing

(Source: Star Advertiser)

November 15, 2018

By: Andrew Gomes

DENNIS ODA/DODA@STARADVERTISER.COM
Kahauiki Village (2325 North Nimitz), a plantation style village for homeless families

Some of Hawaii’s biggest commercial real estate owners have established a new charitable campaign to bolster affordable housing in the state.

A group of 13 real estate investment trusts, all based outside the state, have committed giving a combined $455,000 in the first year of a minimum 3-year campaign.

The group is seeking grant applications from local nonprofits that contribute to affordable-­housing growth, and are scheduled to make an initial gift today — a $100,000 award to the aio Foundation’s Kahauiki Village housing project alongside Keehi Lagoon for homeless families with children.

The campaign dubbed The REIT Way Hawaii is being run through the Nareit Foundation, a nonprofit charitable giving organization for the national trade association for real estate investment trusts, or REITs.

Applications are due by Dec. 15 and must be submitted through thereitwayhawaii.com.

The 13 REITs all own property in Hawaii, mostly hotels and shopping centers. They include the owners of Ala Moana Center (Brookfield Properties), International Market Place (Taubman Centers Inc.), Hilton hotels (Park Hotels & Resorts) and Hyatt hotels (Host Hotels & Resorts).

Over the past few years, REITs doing business in Hawaii have been assailed by some traditional local real estate companies as being bad corporate citizens because of their tax status, and the Legislature has entertained but not passed bills that would impose state income taxes on these REITs.

REITs enjoy a federal income tax break that exists because such companies must pass at least 90 percent of their profits to shareholders who then pay taxes on the income in whichever state they live. Nearly every state mirrors the federal tax treatment for state income taxes.

ON THE MOVE

Schuman Aviation Company has announced that Travis Shilling, director of maintenance, has been granted the position of Designated Airworthiness Representative (DAR-T). This designation gives Shilling the authority to issue special flight permits, airworthiness certificates as well as export approvals for a wide variety of aircraft.

Hawaii Medical College has hired Christine Udarbe as their new director of education. Udarbe was previously a state educational director of Student Support Branch at the Office of Curriculum, Instruction and Student Support as well as served as a principal at Maunawili Elementary and Ka‘elepulu Elementary Schools.

Common Cause Hawaii appointed Tony Donnes to their board of directors last month. He is a Honolulu attorney who practiced law at Schlack Ito, where he focused on civil litigation. Donnes also served as a deputy prosecuting attorney for the City and County of Honolulu’s Department of the Prosecuting Attorney.

Via: Star Advertiser

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google+ photo

You are commenting using your Google+ account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s