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HI SR148
Resolution
Status
3/6/2020
Primary Sponsor
Laura Thielen
Click for details
AI Summary
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Hawaii Housing Finance and Development Corporation (HHFDC) shall review and evaluate how it calculates affordable housing sales price guidelines.
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HHFDC must generate a comparative report on best practices and policies used by other high-cost areas to determine affordable sales guidelines, including maximum sales price determination methods, resale restrictions, equity sharing provisions, and other guidelines that maximize affordable housing.
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Report findings and recommendations must be submitted to the Legislature no later than twenty days before the 2021 Regular Session convenes.
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Resolution highlights that Honolulu's current affordable housing maximum sales price of $619,900 for a four-person family at 100% AMI exceeds San Francisco's $478,589 despite Honolulu having a lower area median income ($99,000 vs. $136,800).
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Certified copies of the resolution shall be transmitted to the Executive Director of HHFDC and the Director of Business, Economic Development, and Tourism.
Legislative Description
Requesting That The Hawaii Housing Finance And Development Corporation Review How It Calculates Its Affordable Sales Price Guidelines And Submit A Report Comparing The Best Practices And Policies Of The Affordable Sales Price Guidelines Of Other High Cost Areas.
Study
Last Action
Referred to HOU.
3/10/2020