The City and County of Honolulu just updated one of Oʻahu’s incentives for developers of potential affordable rental housing.
Honolulu Mayor Rick Blangiardi on Tuesday signed Bill 3 to increase post-construction grants for affordable rental projects.
The measure gives private developers $12,000 for each affordable unit, or $40 per square foot in units smaller than 300 square feet, as part of a $10 million city program.
“ As you look around our island, we have suburban sprawl out in West Oʻahu. We have luxury high-rises coming up in Kakaʻako. What's missing is products that local families can afford, units in town units near where people live, work and play. And Bill 3 helps us to get there,” said Honolulu City Councilmember Tyler Dos Santos-Tam, who introduced the measure.
Proponents of the measure include developers and funders. They have complained to city lawmakers about the growing cost of building as an obstacle to creating more affordable housing.
The city council passed the measure earlier this month.
