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Honolulu is putting more money on the line to incentivize affordable housing development with Bill 3, signed into law last week, which increases the size of grants offered to private developers who build affordable rentals.
Effective immediately, qualified developers can be awarded grants of $12,000 per unit that are 300 square feet or larger, and $40 a square foot for units under 300 square feet. Unlike the city’s previous affordable housing grants, the money will be paid up front, rather than as a “completion bonus” — allowing developers to apply the grants to construction costs.
