Building truly affordable housing on O’ahu came closer to a reality today after Mayor Kirk Caldwell‘s signing of Bill 59, CD2, FD1— a collaborative effort between the City and community stakeholders to ease the financial burden for projects pledging to build affordable housing for local workforce families.
According to Bill 59, builders who commit to building affordable rentals or for-sale units will be able to utilize fee waivers, property tax abatement and property tax ex…emptions. These components, which apply to all affordable units within a new development, affordable units in future IPD-T projects, as well as 201H affordable rental projects, are the result of vigorous collaboration between multiple parties. Affordable rentals serving families as low as 60 – 80% Area Median Income (AMI), as well as affordable for-sale units serving families making 100% and below AMI and 120% and below AMI will qualify.
