Select News Stories from February 2023.
Hawaii Governor Proposes $1 Billion Investment in Affordable Housing and Tax Breaks for Residents.
Hawaii Governor Josh Green has proposed a $1bn investment in affordable housing and tax breaks for all income levels to lower the State’s cost of living. Green told lawmakers during his State of the State address that the tax breaks would stimulate the economy and that every family of four could expect $2,000 in relief. The proposal includes doubling the standard tax deduction and providing tax credits for families paying for childcare and adult daycare. The $1bn for housing would consist of financing for affordable housing units and state rental subsidies for low-income families. The governor also signed an emergency proclamation to make it easier for the State to build 12 small villages for homeless individuals, called Kauhale Homes. Senate President Ron Kouchi and House Speaker Scott Saiki have said they prefer tax credits to be targeted at those in need rather than all income brackets. Read more about the proposed tax breaks.
State of Hawaii Facing Increasingly Vulnerable Coastal Facilities Due to Sea Level Rise.
A recent report by the Hawaii Coastal Zone Management Program has revealed a significant increase in the number of vulnerable state facilities along the shoreline in Hawaii due to the impacts of global climate change, particularly in Maui and Oahu. The report found that the state Department of Education has the most significant number of vulnerable structures and estimated that 130 structures in Hawaii would be chronically flooded with 3.2 feet of sea level rise. Over the next 30 to 70 years, the increase in sea levels will affect homes and businesses near the shoreline. The report recommends that state and county agencies consider long-term adaptation measures, such as relocating infrastructure, to minimize the impacts. The report also identified critical facilities throughout the State that are managed by both public and private entities. The report’s findings will prioritize adaptation and mitigation strategies in the project’s subsequent two phases. Learn more about the facilities at risk.
Hawaii Environmental Legislative Caucus Proposes Bill Package for Natural Resource Protection and Climate Change Solutions.
The Environmental Legislative Caucus in Hawaii has proposed a bill package to protect natural resources and address environmental issues. The proposals include establishing green fees collected from nonresidents to fund natural resource management, funding an assessment of social vulnerability to climate change, reestablishing the cesspool conversion tax credit, creating a Healthy Soils Program to promote sustainable agriculture, and proposing a constitutional amendment to protect the right to clean water and air, a healthy environment, and native ecosystems. Learn more about the bill package.
30-Year Fixed Mortgage Rates Drop to 5.99%, Boosting Homebuyer Interest and Homebuilder Stocks.
According to Mortgage News Daily, the average rate on the 30-year fixed-rate mortgage has fallen to 5.99%. This drop in rate follows Federal Reserve Chairman Jerome Powell’s statement on inflation and sent bond yields lower. The mortgage rates have been sliding since October, when they peaked at 7.37%. Lower rates have already increased buyer interest, as reflected in a rise in pending home sales and homebuilder stocks. Both PulteGroup and D.R. Horton reported renewed buyer interest in December, attributed to lower mortgage rates. Learn more about the rates.
Maui County Officials Show Support for Governor’s Tiny Home Proposal to Address Homelessness.
Hawaii Governor Josh Green proposed building tiny home villages to help the homeless in the State during his State of the State address. Chairwoman Tasha Kama of the Maui County Council is supportive of the idea. It has been talked about with county legislators about emergency shelters for the homeless, particularly in West Maui. The governor has proposed over $1 billion in new investment for housing and is committed to developing 12 tiny home villages. The proposal includes streamlining housing processes and removing unnecessary regulations. However, the State must still adhere to environmental standards. Maui County Mayor Richard Bissen Jr. expects to discuss the housing proposal with Green in monthly meetings he has set up with the mayors. Some challenges to the recommendations include locating the tiny homes with proper infrastructure and cutting red tape at the state and county levels. Learn more about the proposals.
Note: Parts of this post were written using ChatGPT, with stories gathered from Maui News and other sources.
Upcountry Maui Market Update.
We offer many educational resources so that you can stay up-to-date with Maui Real Estate. If you are considering buying or selling in Makawao, Haiku, or Pukalani, take a look at the following Upcountry Maui market report.