The State of Housing in Hawaii
Affordable housing means a resident spends no more than 30 percent of his or her income on housing, according to the U.S. Department of Housing and Urban Development.
There's no national definition of the term workforce housing. According to its 2011 Mauka Area Rules, the Hawaii Community Development Authority defines a workforce housing project as a project where 75 percent of the units are affordable to people earning 100 to 140 percent of area median income. That's equal to between $82,600 and $115,640 for a family of four.
Reserved housing refers to moderate-income housing that is required by the Hawaii Community Development Authority in the state redevelopment district of Kakaako. The agency's 2011 Mauka Area Rules cap buyers' income at 140 percent of area median income. In 2014, that was $80,948 for an individual or $115,640 for a family of four. There are also limits on reselling the property.
Market-rate housing refers to housing where residents pay the market value of the property, or whatever buyers and sellers both agree to at a particular time. The cost of housing is increasing throughout Honolulu but particularly in Kakaako, where the median price of a condo jumped 75 percent in July 2014 compared with the previous year.
FAR refers to the Floor-to-area ratio, which is calculated as the total floor area of the project divided by the total area of the land that the project is developed on. This is usually expressed on percentage terms or as a decimal. Note that residential floor area for any reserved units will be excluded from FAR calculations
AMI refers to the estimated median income of the area, which is determined by the US Department of Housing and Urban Development for the Honolulu, HI area. The current 2014 AMI for a family of four is estimated at $82,600 and $115,650 for 100% and 140% of the AMI, respectively.