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An April article described how the Hawaii Housing Finance and Development Corp. will have its criteria for distributing funding changed by legislators (“Flow of affordable-housing funding faces redirection,” Star-Advertiser, April 1).
Presently, HHFDC’s annual competition for financing tries to efficiently maximize its use of limited money by prioritizing applicants according to financial feasibility, project readiness, tenant services and perpetual affordability.
Prioritizing funding toward state- and county-owned projects is well meaning, but it seriously disadvantages nonprofits who also build affordables on “free” government land — the only way Hawaii can create affordability.
The problem is HHFDC doesn’t get enough money to fill the need. But bills to raise conveyance taxes (Hawaii’s only continuously reoccurring revenue stream for affordable housing) from 1% to 4% on high-priced housing were deferred.
Legislators should pass the conveyance tax bill, raise the tax to 4% on high-priced units and raise more affordable housing revenue for Hawaii.
Renee Ing
Downtown Honolulu
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