2018 Consolidated plan 2015 to 2019

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Total New Units Needed Based on the model, the tota number of housng unfts that will change hands n the period between 2OlZand 2016isapproximately 60,OOOto75,OOOunits. This is the nurnher of units that wouTd be required to meet the needs of everyone who wanted to move. Most of those woud be resales and not require any construction. The number of new units that would have to be built during that five-year period to meet new dernand generated by changing demographic and economic conditions might be as high as 50,000. Some of thoseunit»m/iUbepnoducedbyHavva[/shousmgindostry(pubhcamdp/ivatp) Some wiH not, Units that are not built represent the shortage of units needed to full total demand for housing units. The shortage results from market inefficiencies (lack of information or coordination, lag times, etc ), regulations that dampen supply, and economic realities (difficulties of producing units below market prices, etc ) Thissbortagehascometobeknovvnaa"neededumits^undisdefinedasthe chfference between total demand and expected suppy. dentified in the Housing Dernand Survey, the rnedian household incorne for the State was $58,700, The median was slightly higher for the City and County of Honolulu (S59,076) and approximately equal for the County ofMaui ($68,424). Both Kauai and Hawaii Counties had rnedian househod incomes well below the statewide median ($49'730and S49,6gG, respectively). NA -05 P4 Types of Units Needed The Hawai'i Housing Model 2011 was used to develop the total number of needed units by county and for the State as a whole. The distnhution of needed units hy tenure, type, and market evel was developed from Housing Demand Survey data. The analysis employs the assumption that needed units are distributed according to the effective and qualified demand estirnates from the survey. Effective deniand rneans that only Hawai'i residents who are planning to move to a unit in the State of Hawaii in the next five years were incuded in the anaysis. The analy5is did nclude people who are currently doubled -up for economic reasons. The estirnates are based on qualified demand in the sense that their housing choices have been adjusted to refUect their current econornic situations. f a survey respondent expressed a desire to move from a rented unit lo an owned unit, hut did not have the financia resources to support that move, we added that case to the list of rental units needed rather than the ownership unit needed. Consolidated Plan OMB Control No: 2506*117ilevp 06/30/2018) HAWAII COUNTY 20