Requesting The Counties To Temporarily Issue Affordable Housing Credits For Affordable Housing Units That Are Constructed Pursuant To Chapter 201h, Hawaii Revised Statutes.
By issuing affordable housing credits, the resolution aims to encourage the construction of new affordable housing units. This initiative could potentially lower housing costs and alleviate some of the pressure on Hawaii's housing market. It also enables developers to receive credits for different types of housing, including single-family residences and multi-family units, making it a versatile tool for addressing various housing needs across counties.
House Resolution 96 requests Hawaiian counties to temporarily issue affordable housing credits to developers for units constructed according to chapter 201H of the Hawaii Revised Statutes. The resolution recognizes the severe affordable housing crisis in Hawaii, citing rising property values and low housing inventory as primary factors contributing to the situation. A 2019 study indicated that the state will require over 50,000 additional homes by 2025 to meet demand, highlighting the urgent need for effective housing policies.
Some contention may arise regarding the resolution's requirement that affordable housing credits not be issued if low-income housing tax credits are utilized. Additionally, concerns could be raised about how these credits interact with existing county regulations and affordable housing obligations imposed on developments. As the counties navigate the complexities of applying these credits, they will need to balance local housing demand with administrative capabilities and compliance with state laws.