HI SCR220

Request the Hawaii Housing Finance and Development Corporation (HHFDC) to review how it calculates affordable sales price guidelines for housing units.

Direct HHFDC to generate a report comparing best practices and policies used by other high-cost areas to determine their affordable sales guidelines.

Report must examine how maximum sales prices are determined, resale restrictions, equity sharing provisions, and other guidelines that maximize affordable housing in high-cost areas.

Require HHFDC to submit findings and recommendations to the Legislature no later than 20 days before the convening of the Regular Session of 2021.

Resolution highlights that Honolulu's affordable housing units require buyers to spend over 6.2 times yearly income compared to San Francisco's 3.5 times income requirement, despite San Francisco having higher area median income.