LAIE, Hawaii (AP) — An LDS Church company is scrapping plans to build hundreds of affordable homes between Laie and Kahuku on Oahu's North Shore.

Hawaii Reserves cites cost, risk, lukewarm community support and the faltering economy as reasons for abandoning the project. The company is the Hawaii lands management arm of The Church of Jesus Christ of Latter-day Saints.

The development has been in the works for at least five years and would have brought 550 new reasonably priced homes to the rural area.

Company CEO Eric Beaver says the recent collapse of Molokai Ranch and Aloha Airlines confirm this may not be the time to pursue the island project.

He says these are difficult times going into an apparent recession.

He says several factors would have forced up the prices of the homes.