The Growing Cost of Place Why Workforce Housing Matters in Hawai`i Presented by Kevin Carney, President of Housing Hawai`i 2010 Regional Forum on Workforce Housing Hosted by the National Association of Realtors and the National Housing Conference 10/12/2010
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The Growing Cost of Place Why Workforce Housing Matters in Hawai`i
Presented by Kevin Carney, President of Housing Hawai`i
2010 Regional Forum on Workforce HousingHosted by the National Association of Realtors and the
National Housing Conference
10/12/2010
Housing Hawai`i 501(C)3 nonprofit
Formed in 2006
10/12/2010
GoalsPreserve & Increase the number of:
1. Affordable Homes (Single Family/Condo) 2. Affordable Rental Homes
10/12/2010
10/12/2010
“Affordable Housing”A Definition:
Housing is affordable when you pay no more than 30% of your income for
housing, including utilities!
10/12/2010
Area Median Income: Honolulu – Family of Four
$81,700
140%30% 60% 80% 120%
Affordable Housing vs Workforce Housing – Is There a Difference?
Rental Ownership
100%
10/12/2010
Affordable Homeownership2010 AMI Family of Four -- $81,700
“Affordable Housing” for this Family: $2,042 a month
Median Home Sales Price: $600,000
Income Requirement: $145,000
AMI Requirement: 180% AMI
100% AMI Family – Can Qualify for $310,500 Loan
2010 Honolulu Incomes and Ability to Buy $600,000 Median Priced Home