HONOLULU/May 25,2017 (AP) (StlRealEstate.News)— Mayor Kirk Caldwell has released his strategy to increase affordable housing on Oahu.
Hawaii News Now reports (//bit.ly/2qg5ahd ) the Honolulu mayor made the strategy public on Wednesday.
The strategy is packed with new regulations and incentives for developers. Caldwell says more than 24,000 housing units are needed to address Oahu’s housing crisis.
He says the majority of the demand is for people who make less than 80 percent of the Area Median Income, which is $58,600 for a single person and $83,700 for a family of four.
The city would offer developers properties at a $1 year lease under the strategy.
If passed, these rules will be rolled out first in Ala Moana, Downtown and Chinatown and then expanded island wide over a three-year period.