---

BACK TO TOP
|

More rentals, homes needed

A recent study shows that more Hawaii residents are becoming homeowners. But the same study also reveals that lower-income households are having increasing difficulty finding affordable rental accommodation.

The 2003 Hawaii Housing Policy Study conducted by the state Housing and Community Development Corporation of Hawaii, other state agencies and several private corporations, shows that an estimated 47 percent of renters pay more than 30 percent of their income for housing.

Officials estimate that within the next five years, an additional 17,000 rental units will be needed to meet a projected demand by lower income families. During the same period, the study found that about 13,000 affordable for-sale units will also be needed to meet the needs of homebuyers earning from 80 percent to 140 percent of the area median income.

$100 million in water bonds sold

The Honolulu Board of Water Supply said it closed its $100 million tax-exempt bond issue Wednesday.

Proceeds from the bond sale will fund capital improvement projects designed to enhance pumping, storage, transmission and distribution of water throughout Oahu, the board said.

The bonds were brought to market with an average 4.47 borrowing cost for its 30-year debt, it said.

Most of the bonds were sold to Hawaii institutions and individuals.

"Hawaii investors were the driving force for this bond sale," said Clifford Jamile, the board's manager and chief engineer. "Their strong demand for our bonds was critical in achieving such low interest rates."

Mera delays year-end filing

Mera Pharmaceuticals Inc., which lost $1.2 million through the first three quarters of its fiscal year that ended Oct. 31, filed for a 15-day extension yesterday to submit its fourth-quarter and full-year earnings results to the Securities and Exchange Commission.

The maker of the nutritional product AstaFactor said the independent audit of its financial statements had not been completed. However, Mera noted that operating costs are expected to be reduced as a result of cost-control measures.

Mera, formerly known as Aquasearch Inc., emerged from Chapter 11 bankruptcy reorganization on Sept. 16, 2002, and through July 31 had lost $2.1 million since that time and $24.4 million since inception.

The company, which has a plant in Kona and its administrative offices in Solana Beach, Calif., hired new auditors, Jewett, Schwartz & Associates, in September.

Hawaii's spa stars rated

Seven Hawaii hotel and resort spas are listed in Mobil Travel Guide's first listing of such services.

The 128-page "America's Best hotel & Resort Spas," modeled after Mobil's one- to five-star rating system, lists what it considers to be the 48 top hotel and resort spas in the United States and Canada. Hualalai Sports Club and Spa at Four Seasons Resort Hualalai, Spa Grande at Grand Wailea Resort, SpaHalekulani at Halekulani, Spa Suites at Kahala Mandarin Oriental and The Spa at Four Seasons Resort Wailea each received four stars. Three stars were awarded to Spa Kea Lani at the Fairmont Kea Lani and Spa Moana at the Hyatt Regency Maui.