HONOLULU (AP) -- Affordable housing guidelines set by a Hawaii state agency could rate two-bedroom homes costing $1 million as affordable for some households eligible for government-subsidized housing.
The Honolulu Star-Advertiser reports that the guidelines established by the Hawaii Housing Finance and Development Corp. were aimed at helping developers produce affordable housing.
There is little likelihood developers could produce and sell $1 million homes to satisfy an affordable-housing condition under state and county requirements.
Household income, family size and interest rates are primarily used to compile annual housing affordability tables.
Similar formulas are used by Honolulu and the Hawaii Community Development Authority.