HomeMy WebLinkAbout2023 Affordable Housing GuidelinesAFFORDABLE HOUSING GUIDELINES FOR THE COUNTY OF HAWAI'I
FOR-SALE UNITS GUIDELINES (Effective 7/12/2023 )
% of Median 50%60%70%80%90%100%110%120%130%140%
Sales Price: Studio:$152,700.00 $183,200.00 $213,800.00 $244,300.00 $274,900.00 $305,400.00 $335,900.00 $366,500.00 $397,000.00 $427,600.00
1 person max family income:35,300$ 42,360$ 49,420$ 56,480$ 63,540$ 70,600$ 77,660$ 84,720$ 91,780$ 98,840$
5.3762%5.3750%5.3767%5.3757%5.3770%5.3762%5.3755%5.3765%5.3759%5.3767%$145,100 $174,100 $203,100 $232,100 $261,100 $290,100 $319,100 $348,200 $377,200 $406,200
Sales Price: 1 Bedroom:$174,500.00 $209,500.00 $244,400.00 $279,300.00 $314,200.00 $349,100.00 $384,000.00 $418,900.00 $453,800.00 $488,700.00
2 person max family income:40,350$ 48,420$ 56,490$ 64,560$ 72,630$ 80,700$ 88,770$ 96,840$ 104,910$ 112,980$
5.3748%5.3774%5.3770%5.3767%5.3765%5.3763%5.3762%5.3761%5.3760%5.3759%$165,800 $199,000 $232,100 $265,300 $298,500 $331,600 $364,800 $398,000 $431,100 $464,300
Sales Price: 2 Bedroom:$196,400.00 $235,700.00 $274,900.00 $314,200.00 $353,500.00 $392,800.00 $432,100.00 $471,300.00 $510,600.00 $549,900.00
3 person max family income:45,400$ 54,480$ 63,560$ 72,640$ 81,720$ 90,800$ 99,880$ 108,960$ 118,040$ 127,120$
5.3764%5.3769%5.3753%5.3758%5.3761%5.3764%5.3767%5.3758%5.3760%5.3762%$186,600 $223,900 $261,200 $298,500 $335,800 $373,100 $410,500 $447,800 $485,100 $522,400
Sales Price: 3 Bedroom:$218,000.00 $261,600.00 $305,200.00 $348,800.00 $392,400.00 $436,000.00 $479,600.00 $523,200.00 $566,900.00 $610,500.00
4 person max family income:50,400$ 60,480$ 70,560$ 80,640$ 90,720$ 100,800$ 110,880$ 120,960$ 131,040$ 141,120$
5.3757%5.3757%5.3757%5.3757%5.3757%5.3757%5.3757%5.3757%5.3766%5.3766%$207,100 $248,500 $290,000 $331,400 $372,800 $414,200 $455,700 $497,100 $538,500 $579,900
Sales Price: 4 Bedroom:$235,500.00 $282,600.00 $329,800.00 $376,900.00 $424,000.00 $471,100.00 $518,200.00 $565,300.00 $612,400.00 $659,500.00
5 person max family income:54,450$ 65,340$ 76,230$ 87,120$ 98,010$ 108,900$ 119,790$ 130,680$ 141,570$ 152,460$
5.3753%5.3753%5.3769%5.3767%5.3766%5.3764%5.3763%5.3762%5.3762%5.3761%$223,800 $268,500 $313,300 $358,000 $402,800 $447,500 $492,300 $537,000 $581,800 $626,500
Sales Price: 5 Bedroom:$253,100.00 $303,700.00 $354,300.00 $404,900.00 $455,500.00 $506,100.00 $556,700.00 $607,300.00 $658,000.00 $708,600.00
6 person max family income:58,500$ 70,200$ 81,900$ 93,600$ 105,300$ 117,000$ 128,700$ 140,400$ 152,100$ 163,800$ 5.3771%5.3767%5.3765%5.3763%5.3761%5.3760%5.3759%5.3758%5.3766%5.3765%
$240,400 $288,500 $336,600 $384,600 $432,700 $480,800 $528,900 $577,000 $625,100 $673,100
FOR-SALE FINISHED LOTS GUIDELINES (Effective 7/12/2023 )
% of Median Income Affordable Home Price Cost/Unit Affordable Lot Price Credit
80%348,800$ - 213,829$ =134,971$ 1
100%436,000$ - 213,829$ =222,171$ 1/2
FOR-RENT GUIDELINES (Effective 7/12/2023)
% of Median Income 30%50%60%80%100%120%140%
Unit Size 2 CREDITS 2 CREDITS 1.5 CREDITS 1.5 CREDITS 1 CREDIT 1/2 CREDIT 1/2 CREDIT
Studio $529 882$ 1,059$ 1,412$ 1,765$ 2,118$ 2,471$
1 Bedroom $567 945$ 1,134$ 1,513$ 1,891$ 2,269$ 2,647$
2 Bedroom $681 1,135$ 1,362$ 1,816$ 2,270$ 2,724$ 3,178$
3 Bedroom $786 1,310$ 1,572$ 2,097$ 2,621$ 3,146$ 3,669$
4 Bedroom $877 1,462$ 1,755$ 2,340$ 2,925$ 3,510$ 4,095$
This information is based on the affordable sales price for a completed unit for a household, earning eighty or one hundred percent of the median income in the County of Hawai'i, less
the cost to build a single-family home of 1,100 square feet. *$194.39 per square foot cost is based on an estimated cost, as submitted to the County of Hawai`i, Department of Public
Works, Building Division for construction in Hawai'ii County. Per Chapter 11 of the Hawai'i County Code §11-5(c)(9)(10)
Affordable rents are based on 30% of gross monthly income, including utilities (water, sanitary sewage service, electricity and/or gas). Please refer to form HUD-52667 (Allowances for
Tenant-Furnished Utilities and Other Services) for utilities for either single- and/or multi-family units.
The following table presents income limits provided by Hawaii Housing Finance & Development Corporation (HHFDC), using the rates established by the U.S. Department of Housing and Urban
Development (HUD) for various family sizes.
The figures considers (1) a 30-year conventional fixed mortgage; (2) a fixed interest rate of 5.5%*; (3) a down payment equal to 5% of the sales price (4) housing expenses equal to 28% of
gross annual income; *The interest rate used is the annual average interest rate for a 30-year conventional fixed mortgage, for the twelve months ending in the previous year rounded to the
nearest half percent, as published by the Federal Home Loan Mortgage Corp (http://www.freddiemac.com/pmms/docs/30yr_pmmsmnth.xls).
2 CREDITS 1.5 CREDITS 1 CREDIT 1/2 CREDIT