2011 Housing Planning Study - County of Hawaii

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Sustainable Lease: A sustainable lease is a average travel time for daily commuters is 29 leasehold arrangement that maintains property in minutes one way. This equates to nearly one an affordable price range. They are of interest in hour of travel time per day. Commuters were Hawaii because: (a) they allow government to categorized as Short (0-15 minutes), Moderate maintain affordable housing developments as (16-35 minutes), or Long (>35 minutes) affordable over long periods of time; (b) Commuters. sustainable leases on government land can reduce development costs and produce Fourteen percent of households in the County of affordable units for households with incomes Hawaii include one or more members who use near the median for the County; and (c) they are public transportation to get from home to work or generally more viable for prospective buyers school three or more times each week. Thirty- than conventional leases. Any sustainable one percent of households reported the desire to property arrangement requires limitations on be closer to bus stops when they move to their ownership and resale. The property must be next home in order to take advantage of the owner occupied, must be sold back to the public transit system. Households using public sponsoring agency, and there is a ceiling on the transportation are disproportionately renters and resale price. Other aspects of the ownership parents with children or multi-family households. agreement usually offset these features. Hawaii households were also presented with the Study results showed that there is a role for following scenario in order to assess the sustainable leases in developing affordable importance of proximity to work or school when housing for Hawai i. Once they understand how making decisions concerning the location of a a sustainable lease works, between 57 and 78 future residence: percent of households will be willing to consider Now, think about having a choice between two of a sustainable lease to get into their own new homes, both are exactly the same except homes, depending upon the terms of the lease for the price and location. For the first home you (see Table 14). could pay the price you wanted and travel a More important, sustainable leases appealed to shorter amount of time than you currently travel to work each day (and, thereby, reduce the buyers who most need them. Sustainable amount of time and cost leases appealed to renters and potential buyers commute to work who had no down payment. They appealed to For the second home, you u could pay $20,000 0 crowded households, to those with shelter-to- less and travel twice the time to work. If you had income ratios between 30 and 40 percent, and to a choice, would you choose the home with the prospective homebuyers with incomes less than shorter travel time or the lower purchase price? 120 percent of the County median income. In response, 43 percent of County of Hawaii Finally, the sustainable lease was attractive to households chose the home that, although the households that included "hidden homeless" cost was somewhat higher, would reduce their persons. daily travel time. Transportation: Respondents to the HHPS Housing Demand Survey who plan to move were asked about the number and type of vehicles used by members of their households, how many days that they commute each week, commute times, use of public transportation, and the importance of proximity to school or work. More than three-quarters of respondents (77%) said they commute further than one mile at least 4 days each week. In the County of Hawaii, the Hawaii Housing Planning Study,2011 Page iv ©SMS, Inc. November,2011