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It was the revolving fund’s largest cash infusion in its then-16-year history. In 2021, legislators had earmarked $25 million for the fund and it later would add $280 million to spend during the 2024 and 2025 fiscal years. “That is the only program we have that significantly delivers housing for people at the low- and very low- income spectrum,” Heim said. “Without having those funds earmarked specifically for that, I’m not sure how else we would be able to house a significant portion of our community.”The Legislature reserved about half of its record appropriation for Tier 2 projects, commonly known as workforce housing. Those units are aimed at renters who make between 60% and 100% of the median income.
The workforce housing appropriation subsidized four projects that combined will provide 756 units. Under the terms of the awards, those units must remain affordable for more than 50 years. A second project that won a workforce housing award in 2002 — the 97-unit Koa Vista II, in the Central Oʻahu town of Waipiʻo — has also progressed and workers are preparing the site for construction. Koa Vista received $25 million in state support.
One of those, Hualalai Court on the Big Island, is expected to break ground around the mid-2025, said Carlo Mireles, a partner in the development. He said the project – which got a $67 million award — had been previously intended as low-income senior housing relying on federal tax credits funding that didn’t end up penciling out financially.
“It’s much easier to spend money than it is to deal with regulations, and that’s what’s going on here,” Kent said. “The cost of this program is a consequence of the government over-regulating the housing industry, and that’s a price they’re willing to pay, apparently.”Among its recommendations, the institute advocates for cutting back the authority of the state’s Land Use Commission — which limits development of parcels over a certain size — and creating more land zoned for urban development.
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