HONOLULU (KHON2) — New affordable housing limits have been released for the 2024 year.
Reports said these limits “serve as a guideline in qualifying purchasers and renters for affordable units as required under various city programs.”
The Department of Planning and Permitting announced that income limits have increased by 6.3 percent from 2023, compared to the 0.3 percent increase around the same time last year.
Over 2023, DPP said the allowable maximum rents for affordable units increased by 6.4 percent.
These limits were set by the U.S. Department of Housing and Urban Development and are the same as the Hawaii Housing Finance and Development Corporation.
The decision was made based on the housing expenditure thresholds crafted by the DPP, which analyzes income limits, household sizes and income groups to determine the maximum rent for affordable housing.
In one example, the DPP explained that under the 2024 income limits, the maximum monthly rent for a family of four who brings in the median level income of $139,200 would be $3,132 for a two-bedroom unit.
For more information on the new 2024 affordable housing income limits, visit the DPP’s website.