HI HR51

Hawaii Housing Finance and Development Corporation requested to submit a report to the Legislature on barriers to creating truly affordable housing in Hawaii by 20 days prior to the Regular Session of 2024.

Report must include information about methodologies for determining "affordable" housing in Hawaii compared to states and municipalities with similarly high costs of living.

Corporation urged to consult with county housing departments, Hawaii Appleseed Center for Law and Economic Justice, and Hawaii Alliance for Community Based Economic Development during report preparation.

Current affordability formulas are outdated and fail to account for Hawaii's high cost of living, high market prices, homeowners association fees, insurance, utilities, and other expenses; example given that a $1,000,000+ two-bedroom home in Honolulu could qualify as "affordable" under current guidelines.

Resolution notes that minimum wage employees must work 123 hours per week to afford a one-bedroom apartment in Hawaii according to the National Low Income Housing Coalition's 2022 report.