Lingle approves
affordable housing,
real estate bills
Gov. Linda Lingle signed a bill yesterday she hopes will help meet the need for an estimated 30,000 more affordable housing units in Hawaii.
Senate Bill 2926 increases the bond authorization ceiling of the state's Housing and Community Development Corporation of Hawaii under the Hula Mae Multi-Family Housing program from $200 million to $300 million.
"The need for affordable rental housing is intensifying," said Lingle, who signed the bill at the site of a planned affordable rental housing project for seniors in Iwilei.
Her administration will "shine the light on the need for affordable rentals throughout the summer," Lingle said.
Asked how far the additional $100 million will go toward meeting the affordable housing need, Lingle said, "It depends on how successful we are in leveraging with developers."
The governor also signed bills which will allow the state Hawaii Community Development Authority to act as an ombudsman for the maintenance and care of land within the Kalaeloa Community Development District -- the former Barbers Point Naval Air Station in Leeward Oahu -- and will require the seller of a residential real property to disclose a release or waiver of liability for a construction defect. Disclosure would be mandated even if the developer and seller had worked out a settlement.
"This is another step toward full and fair disclosure," said John Ohama, chairman of the state Real Estate Commission.
The increased authorization for the Hula Mae program will give developers lower interest rates, which will allow them to charge lower rental rates for their units, said Chuck Sted, chairman of the Housing and Community Development Corporation of Hawaii Board of Directors.
The 155-unit Iwilei project, known simply as the Senior Residence at Iwilei, is the first to be funded under the increased authorization. Half of the $40 million cost will come from the Hula Mae fund, said Marvin Awaya of the nonprofit Pacific Housing Assistance Corp., developer of the project.
Office of the Governor
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