Governor Ige will not sign proposed HCDA rule amendments

Posted on Feb 1, 2018 in Main
Governor Ige will not sign proposed HCDA rule amendments
For Immediate Release
February 1, 2018
HONOLULU – Gov. David Ige announced that he will not sign the 2017 proposed amendments to the Hawaiʻi Community Development Authority (HCDA) rules regarding reserved housing in Kakaʻako.
While the governor agrees with certain aspects of the proposed changes, he believes the proposed HCDA rules would not result in more affordable housing units for first-time home buyers.
“I support creating a mechanism to stabilize re-sale prices including an equity sharing program for workforce housing. However, the proposed 30-year restriction on for-sale units is too extreme, and I am concerned that those wishing to build new homes would be unable to get the financing they need to move forward,” said Gov. Ige.
Gov. Ige has informed the Authority that he would be open to considering a 10-year restriction on re-sales since this has a proven track record and is more consistent with other state policies. He has asked the Authority to re-visit the proposed rules to address the development and preservation of affordable housing units in Kakaʻako.
Attachment: Letter to HCDA Chair John Whalen
Media Contacts:
Jodi Leong
Deputy Communications Director/Press Secretary
Office of the Governor
Office: 808-586-0043
Mobile: 808-798-3929
Cindy McMillan
Communications Director
Office of the Governor
Office: 808-586-0012
Mobile: 808-265-7974

HCDA Reserved Housing Rules Proposed Amendments