Download - Janice Takahashi
Bring Workers HomeHawaii Housing Finance & Development
CorporationOctober 12, 2010
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Overview•Housing Need•HHFDC•Continuum of Housing Assistance•Financing Resources•Development Resources
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Housing NeedProjected Rental Housing Need: 2015
HUD AMI
Honolulu Maui Hawaii Kauai State
<30% 3,922 1,093 1,287 414 6,716
30-50% 1,573 696 514 174 2,957
50-80% 5,397 732 1,186 409 7,724
Total 10,892 2,521 2,987 997 17,397
Source: SMS Research, 2006 Hawaii Housing Policy Study
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Housing NeedProjected For-Sale Housing Need: 2015
HUD AMI
Honolulu Maui Hawaii Kauai State
80-120% 3,842 724 603 350 5,519120-140%
831 106 119 207 1.263
Subtotal
4,673 830 722 557 6,782
>140% 3,615 790 1,105 235 5,745Total 8,288 1,620 1,827 792 12,527Source: SMS Research, 2006 Hawaii Housing Policy Study
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2010 Income Limits: Honolulu
% AMI 1 Person 2 3 430% $20,880 $23,850 $26,820 $29,79050% 34,800 39,750 44,700 49,65060% 41,760 47,700 53,640 59,58080% 55,680 63,600 71,520 79,440100% 57,190 65,360 73,530 81,700120% 68,630 78,430 88,240 98,040140% 80,070 91,500 102,940 114,380Sources: HUD, HHFDC
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Wages of Occupations: 2009
Food Prep & Serving Workers
$20,214 30%
Retail Salesperson 25,925 50%Bookkeeping/Accounting Clerks
34,450 50%
Elementary School Teachers 48,730 80%1st-Line Supervisors/Office Mgrs
49,319 80%
Registered Nurses 80,000 140%General & Operations Managers
96,902 >140%
Source: DLIR, Wages of Hawaii’s 20 Largest Occupations, 2009
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HHFDCCreated by Act 196, SLH 2005•Need for 28,000+ housing units•Very tight housing market drives out
those who can least afford to pay for housing; even moderate-income families
•Burden of administering public housing has overshadowed the ability to pay sufficient attention to financing and developing housing
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HHFDCMission:To increase the supply of workforce and
affordable housing by providing leadership, tools and resources to facilitate housing development.
Continuum of Housing
DHS…..DHS….. …HPHA…
…..HHFDC…..
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Unsheltered Emergency/Transitional
PublicHousing
<50% AMI
AffordableRentals
60% AMI
Homeowner
<140% AMI
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Financing Resources•Interim Loans
▫Rental Assistance Revolving Fund▫Dwelling Unit Revolving Fund (DURF)▫Hula Mae Multi-Family Revenue Bonds -
interim and permanent (HMMF) •Equity Financing
▫Low Income Housing Tax Credits (LIHTC)•Equity Gap
▫Rental Housing Trust Fund (RHTF)Website: http://hawaii.gov/dbedt/hhfdc
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Hale W
ai Vista I, Waianae
Developer: HHDC84 family units30-50% HUD AMI$23.2 million•DURF•LIHTC•RHTF•ARRA TCAP
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Lokahi Apartments, Kona
Developer: Vitus Group306 family units30-60% HUD AMI$62.6 million•HMMF•LIHTC•RHTF
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Mortgage financing•Hula Mae Single Family•Mortgage Credit Certificate
County 2 or less 3 or more PriceHonolulu $98,040 $114,380 $793,750Maui 91,200 106,400 790,000Kauai 84,720 98,840 773,750Hawaii 80,040 93,380 618,750
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Development Resources•Chapter 201H
▫Expedited land use approvals▫Planning, zoning, subdivision, construction
exemptions•Land
▫State land▫Loans to acquire private land (DURF)
Website: http://hawaii.gov/dbedt/hhfdc
Villages of Kapolei, Oahu
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•888 acres•4,500 homes at
build-out•3,500 completed•$196.5M total
development•HHFDC master
developer•Private developers
Villages of Leiali'i, Maui
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Kamakana Villages at Keahuolu, Hawaii
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•272 acres•Up to 2,300
homes•Forest City
Hawaii developer
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Mahalo!
http://hawaii.gov/dbedt/hhfdc