Dianne Shares Great News about Bill 7
The first affordable residential rental project that takes advantage of the opportunities provided by Bill 7 has been approved and is under construction. A property in Liliha that was previously a neighborhood eyesore (according to the developer) is being transformed into a 25 unit walk-up rental complex, where some of the rents will be as low as $1100/mo. It's the first re-development project to take advantage of Bill 7, which provides property tax incentives to developers to encourage the development of more rental apartments local families can afford.
Bill 7 provides many incentives to developers who work with qualifying properties:
- Building permit and waste water collection fees are waived.
- The new buildings can be much larger than current zoning allows.
- On site parking is optional.
The city says it's a "win win" situation for developers and the community. Bill 7 projects can provide a reasonable return on the developer's investment and the community gets much needed rental housing at prices local residents can afford. Construction on the first Bill 7 project is expected to be completed by next summer.
Everyone hopes this is just the first of many similar rental developments which will come on the market as a result of opportunities offered by Bill 7. If you have questions about what Bill 7 could do for your property or you'd like to talk to us about anything related to real estate, please get in touch. We'd love to hear from you. Aloha!