HONOLULU — Honolulu’s mayor has signed a bill to provide small property owners with incentives to develop affordable housing units.
The Honolulu Star-Advertiser reported Wednesday that Mayor Kirk Caldwell signed the Affordable Rental Housing Bill into law Tuesday.
The bill is intended to give owners of lots up to 20,000 square feet (1,858 square meters) more favorable conditions to build affordable rental units in apartment, business and mixed-use zoning areas.
The incentives include greater density, taller allowable heights, less setback, no parking requirements or dedication fees, building permit application and wastewater facility fee waivers, and a 10-year property tax waiver.
To be eligible property owners must agree to rent 80% of the new units to people making 100% of Oahu median income as defined by federal housing guidelines.
Information from: Honolulu Star-Advertiser, http://www.staradvertiser.com