Requesting The Counties To Temporarily Issue Affordable Housing Credits For Affordable Housing Units That Are Constructed Pursuant To Chapter 201h, Hawaii Revised Statutes.
If adopted, HCR89 would empower counties to provide affordable housing credits to developers, thereby incentivizing the construction of affordable units. This system is expected to stimulate housing production to meet the increasing demand and potentially lower housing costs for residents. The resolution specifies that these credits would be applicable until July 1, 2031, suggesting a temporary measure to foster prompt action in addressing housing issues.
HCR89 is a House Concurrent Resolution from the State of Hawaii that aims to address the ongoing affordable housing crisis by requesting counties to temporarily issue affordable housing credits for units developed pursuant to Chapter 201H of the Hawaii Revised Statutes. The resolution highlights the urgent need for additional housing, outlining the requirement for 50,156 additional homes by 2025, broken down by county. This initiative seeks to alleviate the significant housing shortage driven by rising property values and a historically low inventory of available homes.
There may be notable points of contention regarding the effectiveness and implementation of the credits. Concerns could arise regarding the interaction between the proposed credits and existing low-income housing tax credits, as the resolution stipulates that credits should not be issued if the latter are used. Additionally, the criteria for transferring or redeeming credits and their application across different counties could lead to debates on fairness and administrative feasibility.
The resolution requests that the Hawaii Housing Finance and Development Corporation (HHFDC) enter into agreements with counties to clarify the conditions under which these credits can be issued and redeemed. This emphasizes the need for coordinated efforts between state and local agencies to ensure that the affordable housing initiatives align with local regulations and housing needs.