UPDATE AND MEETING RECAP:
This meeting was for a Comprehensive Affordable Housing Plan that includes new rules that would make affordable housing significantly cheaper for lower-income families to buy their first homes.
- A new pricing structure that would calculate the home price based on the income of the homebuyer, and not the market price of the property.
- The Deed restriction makes AWH affordable in perpetuity.
- Shared Equity, where AWH owners could resell their homes with a proportionate gain in value, according to future conditions, but also paying forward the discount they received.
- Expanded Affordable Housing Fund (getting more county money into the kitty), and more flexibility in how the County can use the Affordable Housing Fund.
What do these measures mean? This all means that AW Housing would be about 100k cheaper for locals (so more people can qualify). Builders will not have to pay out of their pockets for the price difference. The county could pay the homebuyer, or the county could assist the homebuilder to lower the price. And of course, these homes would remain available for future generations, Plus, all that money that taxpayers contribute into affordable housing would stay in the community forever and not fall into the pockets of developers, builders, or investors.
What is missing? What these measures need is popular support. More regular people and would-be homeowners need to get engaged in the conversation, and especially get behind the people making these new proposals. Especially now at this critical time when politicians are putting themselves out there. We need to speak up, and show up to support progressive measures that address the problems and transcend that old system that has failed to put enough affordable homes in working Hawaiian’s hands.
AFFORDABLE HOUSING COMMITTEE Thursday, August 18, 2022, 1:30 p.m.
MEETING SITE: Online via BlueJeans: https://bluejeans.com/
Phone testimony: 1-408-915-6290, code 798 867 277 In-person testimony and viewing: Council Chamber, Kalana O Maui Building, 8th Floor, 200 South High Street, Wailuku, Hawaii
Please support this package of measures that will be updating the Affordable Housing rules to significantly lower housing prices, and keep affordable housing “affordable in perpetuity”.
A G E N D A COMPREHENSIVE AFFORDABLE HOUSING PLAN: AFFORDABLE SALES PRICE GUIDELINES (AH-14(6))
Please support this item. Gabe Johnson has a new program that will make Affordable Housing MORE affordable for Maui Residents. Bill 107, CD1 (2022), will make affordable housing prices tied to Wages and not to Housing Market Values. The new Bill will keep affordable house prices tied to 31 percent of wages, so the homebuyers will not get in over their heads. To do this he will be able to use the county affordable housing fund to help homebuyers, and not penalize builders.
BILL 103 (2022), RELATING TO RESIDENTIAL WORKFORCE HOUSING DEED RESTRICTIONS AND RESALE (AH-31)
We support Bill 103 (2022) because it created deed restrictions for the resale of affordable housing that will ensure that they stay affordable in perpetuity. This means that affordable houses will only be sold to other people needing affordable homes, and we can build up the inventory of affordable houses. This allows the community’s investments to keep working for our community in perpetuity. This is a vital step that has been lacking until now.
COMPREHENSIVE AFFORDABLE HOUSING PLAN: EXPANDING AFFORDABLE HOUSING FUNDING (AH-14(7))
Gabe Johnson is proposing a bill that will amend and expand the rules for the affordable housing fund. This will allow the county to have more options on how to use the money to help affordable homebuyers.