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