The city is about to embark on a difficult, but ultimately necessary, process of divesting itself of its affordable-housing properties.

This is sure to be one of the most complex dealings the city has negotiated to date. Unlike the dealings of a private real estate investor, the mark of a good transaction is not the short-term profits but the long-term effects on the community.

Nearly 1,300 families now live in the 12 complexes currently owned by the city, some of them dating back more than 30 years. About a decade ago, a theft scandal within the city's housing agency led to the closure of the agency and finally to the decision to get out of the housing business altogether.

Instead of having a separate housing agency, the Hannemann administration decided its best option was to have its affordable-housing staff work with private developers in supplying the units that Honolulu needs.

This course correction was undoubtedly the correct move — the private sector can access more financing options and is better positioned than government to manage a housing complex efficiently and to ensure that residents meet income requirements.

What happens in the coming months, when the city weighs competing purchase offers, will be critical to the plan's success.

Private owners may propose deals financed through federal low-income housing tax credits and other programs aimed at keeping rents affordable.

The definition of "affordable" is key. City officials will need to examine proposals closely to see whether the rents truly will be affordable to the people at income levels currently being housed in the complexes.

For example: A two-bedroom unit that meets federal income limits for families at 60 percent of the median would rent for just over $1,000 a month. That may serve some lower-income families but not all of those now in city units.

The administration has been meeting with task force members and is contemplating some worthy ideas. For one, the city should heed suggestions to bundle less-attractive properties with the more desirable ones to ensure the best return overall.

And it's encouraging to hear that officials are contemplating retaining the fee on the properties as a means of keeping affordability in place for the long term. The city must do everything possible to keep these units in the affordable inventory if Honolulu's war on homelessness is to be won.