Affordable housing 'Hawaiian' style

Article Abstract:

Housing officials in state, county, and municipal governments on Oahu, HI have joined forces with private developers to provide a means for some residents to become first-time homeowners. The Villages of Kapolei development, a program of the State of Hawaii's Housing Finance and Development Corporation, the City and County of Honolulu's Department of Housing and Community Development, and Oceanic Properties, Inc, will eventually contain schools and parks, a golf course, and 5,000 single- and multi-family homes and apartments. The state bought the 830-acre site and resold it to Oceanic Properties under market value, and provided low-interest construction loans of 7.5% to the developer. The development will have market-rate homes selling at $150,000 to $250,000, and affordable homes selling for around $89,000 to $120,000. Oceanic properties is expected to profit from the larger, market-rate homes.

Analysis, Hawaii, Housing subsidies, Honolulu

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MRBs: effective funding for affordable housing

Article Abstract:

Homeownership is now possible for a greater number of people through the use of tax-exempt mortgage revenue bonds (MRBs) which allow housing agencies to fund housing projects without endangering their own finances. Unfortunately, MRBs do not always reach their intended users, the low- and moderate-income families.For MRB programs to be effective, there is a need to set appropriate income limits, create marketing campaigns that would inform and attract the right audience, and make available a counseling service that could help home-buyers in their decision-making. An examination of the MRB program operated by Dallas County, Texas shows that it is possible to reach those most deserving of assistance.

Usage, Dallas, Texas, Mortgage bonds, Dallas County, Texas

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