Mayor Kirk Caldwell signed the Affordable Housing Bill into Law on Tuesday.
Mayor Caldwell thanked Councilmember Pine, Marshall Hung, Mel Kaneshige and others for their hard work in developing this legislation.
The measure hopes to create at least 500 affordable housing units on Oahu every year, for the next five years.
In order to do that, the measure relaxes zoning and building code standards, while also offering financial incentives.
To be eligible, the bill requires the following:
- At least 80 percent of the total units are rented to households earning 100 percent and below of the area median income, or AMI as established by HUD.
- No more than 20 percent of the total units can be occupied by the property owners or those related to the owners by blood, marriage or adoption.
- All tenants must have a lease with at least a six-month term.
- Leases must be allowed to terminate if the renter or any member of the renter’s family is unable to access the unit because of an accident or medical condition.
- The fee owners of land must execute a declaration of restrictive covenants, and must file a copy with the Department of Planning and Permitting (DPP) prior to the issuance of a building permit.
- Certification must be filed every year with the Budget and Fiscal Services director confirming that at least 80 percent of the units are affordable and no more than 20 percent of the total units are occupied by blood relatives.