Home › News ›

Stress In Hawaii Over Affordable Housing Shortage

Posted by: Nate Berg

22 November 2006 - 1:00pm

The homeless population increases in Oahu, and the entire state of Hawaii struggles with a shortage of affordable housing. To deal with the problem, state officials have said that 30,000 housing units will be needed in the next two years.

"The lack of affordable housing has become one of the state's most critical issues. High home prices and rents have put a home out of reach for thousands of Hawaii's residents and contributed to the state's homeless problem."

"The Legislature dedicated almost $50 million to affordable housing and homeless initiatives in the last session. Meanwhile, in response to a homelessness crisis on the Leeward Coast, Gov. Linda Lingle has moved to provide emergency shelters."

Officials are expecting that public-privte partnerships will be essential to solving the shortage.

"'You definitely need a public-private partnership because it doesn't underwrite to do affordable or even transitional housing. There isn't enough income coming in to support the amount of debt that a project would have to support,' said Gary Furuta, project manager for the nonprofit Hawaii Housing Development Corp."

"Furuta said the 'biggest problem' with public-private partnerships is the financial gap that developers have to fill when building low-income housing."

Full Story: Honolulu struggles to provide low-cost housing
Source: The Chicago Tribune, November 19, 2006
»
Bookmark and Share
“
The decision to abandon a property is a symptom of the loss of confidence. And while abandonment certainly affects confidence among surrounding homeowners, the most important question to answer is not "how do we deal with abandoned properties?" but "what is the most cost-effective way to restore market confidence, and how do abandoned properties fit into that picture?"
”