WAILUKU, Hawaii — Maui Mayor Michael Victorino signed into law Tuesday a measure that will bring affordable housing estimates more in line with mortgage lender formulations.
What You Need To Know
Bill 107, introduced by Maui County Council member Gabe Johnson, responds to concerns that even units designated as affordable housing still may be unaffordable to working families
The formula used to estimate how much buyers in each income bracket can afford to pay for a home does not account for homeowners’ association fees, mortgage insurance and other expenses
Lending experts testified during previous committee hearings that lower sales price guidelines will make it easier for potential homebuyers to access Federal Housing Administration and U.S. Department of Agriculture loan packages that allow for smaller down payments
New sales price guidelines will take effect when HUD announces the 2023 Area Median Income numbers in the spring of 2023
Bill 107, introduced by Maui County Council member Gabe Johnson, responds to concerns that even units designated as affordable housing still may be unaffordable to working families.
