Question 8: Affordable Housing Funding
Proposed county charter amendment
on ballotOfficial ballot wording
Should the Charter be amended to clarify that the Affordable Housing Fund is a revolving fund, with repayments, interest, earnings, proceeds, and other receipts derived from the Fund to be redeposited into the Fund?Read the full proposal ↗
Official explanation
Present situation: Honolulu voters previously approved an Affordable Housing Fund that provides affordable rental housing for households earning up to sixty percent of the area median income. Housing projects that receive money from the Fund must remain affordable for at least sixty years. The Fund receives roughly eight million dollars per year in property tax revenues, which are used to purchase land, renovate existing buildings, or construct new affordable housing units. Currently the Charter does not specify what happens to money that is loaned from the Affordable Housing Fund and later returns to the City with interest. Currently, the Charter provides that any funds remaining at the end of any fiscal year shall not lapse. The Charter does not specifically state that repayment, interests, earnings, and proceeds from the Fund are redeposited into the Fund. If proposal passes: It would clarify that repayments, interest, earnings and proceeds derived from the Fund are redeposited into the Fund. The Affordable Housing Fund could support a wider range of affordable rental housing, including affordable units within developments that contain a variety of uses (mixed-use) and price points for housing (mixed-income). Loan repayments, interest earnings, and other revenues generated by the Fund would remain available for future affordable housing investments, so that the Fund can grow and support more affordable housing units and projects over time.
This explanation is attributed to the linked official source.
Originating legislation or resolution
Officials' votes to refer a proposal and the public's election vote on the question are separate records. A linked proposal alone does not establish approval by voters.
Public election results
No public election result has been imported for this question.