Governor Ige will not sign proposed HCDA rule amendments

News Release from HCDA, 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.

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Link: Proposed rules

Attachment: Letter to HCDA Chair John Whalen