Washington, District of Columbia 2021-02-23 10:06:46 –
Honolulu (AP) — Affordable housing guidelines set by a Hawaiian agency could rate a $ 1 million two-bedroom home as follows …
Honolulu (AP) — Affordable Housing Guidelines set by a Hawaiian agency rate $ 1 million two-bedroom homes as affordable for some government-sponsored homes There is likely to be.
The guidelines established by the Hawaii Housing Finance Development Corporation were aimed at helping developers produce affordable homes, the Honolulu Star Advertiser reported on Sunday.
Developers produce $ 1 million homes to meet affordable housing requirements under state and county requirements commonly associated with projects that are exempt from zoning changes, development bonuses, and fees. And there is little chance of selling it.
“These formulas become very crazy and exceed market prices,” said Kena Stormogipson, an analyst at the Hawaii Budget Policy Center. “Their guidelines clearly need to be refreshed.”
Household income, family size, and interest rates are primarily used to create an affordable table of annual homes.
Similar formulas are used by Honolulu and the Hawaii Community Development Authority, a state agency that regulates the development of the Kakaako district of Honolulu, where some of Oahu’s most expensive condominium towers are being built.
Howard Hughes Corporation’s Race Randall, the developer of Kakaako’s Ward Village, said:
Hawaii Housing Finance and Development Corp. begins with federal data on median household income in Honolulu. That was $ 101,600 last year. The median income is that half of all households have high income and half have low income.
The calculation is adjusted so that the median income is defined by the size of the family. Public housing regulations allow households that earn 140% of their median income to qualify for public housing. The limit is $ 123,480 for one person and $ 176,260 for a family of four.
Under current guidelines, a family of four in Honolulu, who earns 140% of their median income, can qualify for as much as $ 1,026,800 in public housing.
At the state legislature last year, Sen at that time. Democrats Laura Thielen and Sharon Moriwaki, and Republican Senators Kurt Febera, have introduced a resolution calling for a review of affordable home pricing methodologies and comparisons with other high-cost home locations, such as San Francisco. Did.
The resolution, which asked authorities to report the results of the analysis to Congress before this year’s session, was not heard and adopted.
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