THE SENATE S.R. NO. 45 THIRTY-THIRD LEGISLATURE, 2025 STATE OF HAWAII SENATE RESOLUTION urging the hawaii housing finance and development corporation to develop a plan to produce sufficient housing to meet the state's demand.
THE SENATE S.R. NO. 45
THIRTY-THIRD LEGISLATURE, 2025
STATE OF HAWAII
THE SENATE
S.R. NO.
45
THIRTY-THIRD LEGISLATURE, 2025
STATE OF HAWAII
SENATE RESOLUTION
urging the hawaii housing finance and development corporation to develop a plan to produce sufficient housing to meet the state's demand.
WHEREAS, the State is experiencing a severe housing shortage, which has impacted the ability of many local families representing a wide range of household incomes to remain in Hawaii; and WHEREAS, according to the 2019 Hawaii Housing Planning Study (2019 Study), there were 532,880 housing units in the State in 2017, of which 45,373 were vacant housing units; and WHEREAS, in the period between 2010 and 2018, the State produced 26,152 units, or an average of 2,902 units per year for an average annual growth rate of 0.6 percent, which is lower than the 1.3 percent national average; and WHEREAS, the State has one of the highest rates of vacant unavailable units at 11.2 percent; and WHEREAS, the Hawaii Housing Finance and Development Corporation has been overbuilding in a very narrow market, namely rental units financed using low-income housing tax credits, which are intended for households earning fifty to sixty percent of the area median income; and WHEREAS, the 2019 Study projected a demand of only 1,789 rental units for households earning fifty to sixty percent of the area median income over the 2020 2025 period; and WHEREAS, conversely, the 2019 Study forecasted demand of 1,855 rental units for renters earning one hundred twenty percent to one hundred forty percent of the area median income over the same five year period, and over 11,800 ownership units for households earning one hundred twenty percent or greater of the area median income; and WHEREAS, these figures indicate that there is much greater demand than what the market is currently supplying; and WHEREAS, the critical lack of affordable housing is a major barrier to recruiting and maintaining a skilled workforce in the State, with twenty-four percent of Hawaii residents reporting that they intended to move out-of-state, according to the 2019 Study; and WHEREAS, nearly a quarter of the respondents who planned to leave the State said the high cost and limited availability of housing was one of the problems causing them to move; and WHEREAS, prioritizing financing for housing production for a broader range of income segments and producing housing in the most efficient means possible will greatly increase housing production in the State; and WHEREAS, a proactive, innovative approach to developing more housing units to address the State's severe housing shortage is necessary to meet existing demand while ensuring residents can remain in the State; now, therefore, BE IT RESOLVED by the Senate of the Thirty-third Legislature of the State of Hawaii, Regular Session of 2025, that the Hawaii Housing Finance and Development Corporation is urged to develop a plan to produce sufficient housing needed to meet the State's demand; and BE IT FURTHER RESOLVED that the Hawaii Housing Finance and Development Corporation is requested to submit a copy of its plan to the Legislature no later than twenty days prior to the convening of the Regular Session of 2026; and BE IT FURTHER RESOLVED that certified copies of this Resolution be transmitted to the Chairperson of the Board of Directors of the Hawaii Housing Finance and Development Corporation and Executive Director of the Hawaii Housing Finance and Development Corporation. OFFERED BY: _____________________________ Report Title: HHFDC; Housing Plan; Report
WHEREAS, the State is experiencing a severe housing shortage, which has impacted the ability of many local families representing a wide range of household incomes to remain in Hawaii; and
WHEREAS, according to the 2019 Hawaii Housing Planning Study (2019 Study), there were 532,880 housing units in the State in 2017, of which 45,373 were vacant housing units; and
WHEREAS, in the period between 2010 and 2018, the State produced 26,152 units, or an average of 2,902 units per year for an average annual growth rate of 0.6 percent, which is lower than the 1.3 percent national average; and
WHEREAS, the State has one of the highest rates of vacant unavailable units at 11.2 percent; and
WHEREAS, the Hawaii Housing Finance and Development Corporation has been overbuilding in a very narrow market, namely rental units financed using low-income housing tax credits, which are intended for households earning fifty to sixty percent of the area median income; and
WHEREAS, the 2019 Study projected a demand of only 1,789 rental units for households earning fifty to sixty percent of the area median income over the 2020 2025 period; and
WHEREAS, conversely, the 2019 Study forecasted demand of 1,855 rental units for renters earning one hundred twenty percent to one hundred forty percent of the area median income over the same five year period, and over 11,800 ownership units for households earning one hundred twenty percent or greater of the area median income; and
WHEREAS, these figures indicate that there is much greater demand than what the market is currently supplying; and
WHEREAS, the critical lack of affordable housing is a major barrier to recruiting and maintaining a skilled workforce in the State, with twenty-four percent of Hawaii residents reporting that they intended to move out-of-state, according to the 2019 Study; and
WHEREAS, nearly a quarter of the respondents who planned to leave the State said the high cost and limited availability of housing was one of the problems causing them to move; and
WHEREAS, prioritizing financing for housing production for a broader range of income segments and producing housing in the most efficient means possible will greatly increase housing production in the State; and
WHEREAS, a proactive, innovative approach to developing more housing units to address the State's severe housing shortage is necessary to meet existing demand while ensuring residents can remain in the State; now, therefore,
BE IT RESOLVED by the Senate of the Thirty-third Legislature of the State of Hawaii, Regular Session of 2025, that the Hawaii Housing Finance and Development Corporation is urged to develop a plan to produce sufficient housing needed to meet the State's demand; and
BE IT FURTHER RESOLVED that the Hawaii Housing Finance and Development Corporation is requested to submit a copy of its plan to the Legislature no later than twenty days prior to the convening of the Regular Session of 2026; and
BE IT FURTHER RESOLVED that certified copies of this Resolution be transmitted to the Chairperson of the Board of Directors of the Hawaii Housing Finance and Development Corporation and Executive Director of the Hawaii Housing Finance and Development Corporation.
OFFERED BY: _____________________________
OFFERED BY:
_____________________________
Report Title:
HHFDC; Housing Plan; Report