Honolulu (KHON2) – In the heart of Makiki, nestled at the intersection of Ernest and Green Streets, stands a beautiful new apartment building that is set to address the pressing need for affordable housing in Honolulu. This housing project, developed under Bill 7, has brought 26 units to the city. Kelly went out to 1427 Ernest to talk with Paul Lam, the principal owner and developer, to learn more about this initiative.
Bill 7: Incentivizing Affordable Housing
Introduced in 2019 by the Honolulu City Council, Bill 7 was designed to incentivize private development for affordable housing on Oahu. The need for such initiatives was pressing, given the housing challenges faced by the residents of the island. Simply put, Bill 7 allows for the construction of up to 25 units on a 5,000-square-foot parcel of land zoned for apartments. In this case, the project resulted in a three-story walk-up building comprising 26 units, including 2 one-bedroom apartments and 24 studios.
Affordability and Accessibility
A key aspect of this project is the affordability it offers to residents. The brand-new studio units are available starting at approximately $1,500 per month, a rate that includes all utilities such as gas, electricity, trash collection, and water. This approach aims to ensure that these housing options are accessible to a wide range of individuals and families.
The Path Forward for Affordable Housing in Hawaii
As Paul Lam highlights, Hawaii faces a shortage of approximately 22,000 to 50,000 housing units, making initiatives like Bill 7 crucial. Citizens can contribute to the cause in several ways:
- Landowners: Those who own property zoned for apartments can consider developing affordable housing units or selling their land to developers specializing in such projects.
- Investors: Individuals seeking sound investments can explore opportunities like this, not only for financial returns but also to make a positive impact on the community.
- Advocacy: All residents can engage with government officials, urging them to provide incentives for more affordable housing projects. This collective effort can help Hawaii’s residents secure affordable housing and remain in the community they call home.
1427 Ernest is a great example of how Bill 7 is making strides in addressing the affordable housing crisis in Hawaii. With more developments on the horizon, Paul Lam and his team are dedicated to creating housing solutions that benefit both residents and the community at large.
For rental information, visit 1427Ernest.com