Sunday, August 7, 2022
Hawai'i Free Press

Current Articles | Archives

Wednesday, October 8, 2014
Aiona Proposes HOPE for Renters to Build Equity
By News Release @ 9:49 PM :: 6875 Views :: Republican Party, Cost of Living

Aiona Announces Innovative H.O.P.E. Affordable Housing Program

News Release from Aiona Campaign October 8, 2014

Gubernatorial candidate Duke Aiona announced a ground-breaking affordable housing solution: H.O.P.E. (Home Ownership Personal Equity) Affordable Housing Program. Aiona is once again the only candidate to have released any detailed solutions so far this election, which is already a break from the status quo his opponents continue to perpetuate. Aiona makes cost of living a top priority and this program is another key piece to a statewide solution.

“This model hasn’t been implemented in the nation, much less in the state of Hawai‘i,” exclaimed Aiona. In fact, it’s a locally-developed innovative concept that directly addresses the needs of residents who suffer the worst cost of living and housing expenses in the nation.

The creative concept is a collaboration of local developers, builders and financiers who have been a key part of Aiona’s affordable housing focus group. Two team members — Peter Savio of the Savio Group and Jay Iranon of Swinerton Builders — were both on hand as Aiona released the policy initiative to the local media.

“It’s not about the developers making money, it’s not about anything other than helping the people and changing the future,” said Peter Savio, “Bringing stability to our communities.” Savio expanded that point by adding, “I have better tenants who take better care of the property because they’re not tenants any longer but tenant-owners. Yes, I’m giving away value but also some of my expenses associated with vacancies and wear-and-tear.”

As Aiona stated clearly, the H.O.P.E. program will not require tax dollars or legislative approval: it can be done by the governor within existing laws. “This should not be a partisan issue,” Aiona concluded, “It’s a compelling case that all people should be able to support for our Hawai‘i.” 

FACT SHEET

Q: What does H.O.P.E. stand for?

A:  Home Ownership, People’s Equity.

Q. How many people will this help?

A. A projected average of 5,200 per year will be able to participate.

Q: What will the Governor’s Office do to support this initiative?

A:  Duke Aiona will support this through the commitment of streamlining the approval process, challenging the private sector to partner with the State and identifying state lands and/or existing properties, Hawaiian Homelands or private sector lands that could be developed for the incubator rental housing.

Duke Aiona will also consider offering this opportunity within State-run housing projects without displacing existing tenants.

Duke Aiona will also partner with non-profit housing and possibly provide possible new tax incentives, including eliminating GET on rents within these projects so community-owners build equity faster.

Q. What do Community Owners have to agree to?

A. Community owners agree to stay in the unit for a certain amount of time in order to create community and stability within the property. 

Community Owners also agree to maintain the property as they would if they owned it and pay rent on time.

Additionally, Community Owners will be expected to participate in home ownership and financial management education programs which will better prepare them for owning their own home.

Q. Who provides mentorship to Community Owners

A. Local partners and developers mentor and provide education opportunities to Community Owners.

Q.  How do Community Owners earn equity?

A:  This is a unique rental program that essentially acts as a layaway program for future housing. The longer renters stay and the more they pay in rent, the more equity builds in their account for a down payment.  

A sample of how tenants earn equity is:

Monthly Rent

Monthly Developer Maintenance Fees

Number of Years Tenant Pays at Initial Rate

Down Payment Account Balance

$1,500

$500

5

$20,160

 

 

10

$44,520

 

 

15

$74,550

 

 

20

$110,880

 

 

25

$155,600

Q: What happens to the renter’s equity if they leave Hawaii or pass away?

A: The rental equity maybe with withdrawn only for the purposes of purchasing a home on the open market. Should a Community Owner pass away during their term, the equity is transferable to the next generation for purposes of home ownership.

Q: What happens to equity if a person leaves the program?

A: The equity is equally redistributed to others within the program.

Q. Why would a developer do this?

A.  The developer benefits because s/he continues to gain equity on the rental property while having reliable, stable tenants. 

Q. Can Community Owners make additional payments towards their equity?

A. Yes, Community Owners are encouraged to either save separately or add to their equity through additional payments. ​

###

Star-Adv: Aiona backs move to let renters build equity

 
Links

TEXT "follow HawaiiFreePress" to 40404

Register to Vote

2aHawaii

808 Silent Majority

ACA Signups Hawaii

Alliance Defending Freedom

Aloha Pregnancy Care Center

American Council of Trustees and Alumni

AntiPlanner

Antonio Gramsci Reading List

A Place for Women in Waipio

Astronomy Hawaii

Back da Blue Hawaii

Ballotpedia Hawaii

Better Hawaii

Broken Trust

Build More Hawaiian Homes Working Group

ChinaTownWatch.com

Christian Homeschoolers of Hawaii

Cliff Slater's Second Opinion

DVids Hawaii

FIRE

Fix Oahu!

Frontline: The Fixers

Genetic Literacy Project

Grassroot Institute

Habele.org

Hawaii Aquarium Fish Report

Hawaii Aviation Preservation Society

Hawaii Catholic TV

Hawaii Christian Coalition

Hawaii Cigar Association

Hawaii Coalition Against Legalized Gambling

Hawaii ConCon Info

Hawaii Credit Union Watch

Hawaii Crop Improvement Association

Hawaii Debt Clock

Hawaii Defense Foundation

Hawaii Family Advocates

Hawaii Family Forum

Hawaii Farmers and Ranchers United

Hawaii Farmer's Daughter

Hawaii Federalist Society

Hawaii Federation of Republican Women

Hawaii Future Project

Hawaii Gathering of Eagles

Hawaii History Blog

Hawaii Homeschool Association

Hawaii Jihadi Trial

Hawaii Legal News

Hawaii Legal Short-Term Rental Alliance

Hawaii Life Alliance

Hawaii March for Life

Hawaii's Partnership for Appropriate & Compassionate Care

Hawaii Public Charter School Network

Hawaii Rifle Association

Hawaii Shippers Council

Hawaii Smokers Alliance

Hawaii State Data Lab

Hawaii Together

HIEC.Coop

HiFiCo

Hiram Fong Papers

Homeschool Legal Defense Hawaii

Honolulu Navy League

Honolulu Traffic

House Minority Blog

Imua TMT

Inouye-Kwock, NYT 1992

Inside the Nature Conservancy

Inverse Condemnation

Investigative Project on Terrorism

July 4 in Hawaii

Kakaako Cares

Keep Hawaii's Heroes

Land and Power in Hawaii

Legislative Committee Analysis Tool

Lessons in Firearm Education

Lingle Years

Malulani Foundation

Managed Care Matters -- Hawaii

Malama Pregnancy Center of Maui

Mauna Kea Recreational Users Group

MentalIllnessPolicy.org

Military Home Educators' Network Oahu

Missile Defense Advocacy

MIS Veterans Hawaii

NAMI Hawaii

Natatorium.org

National Christian Foundation Hawaii

National Parents Org Hawaii

NFIB Hawaii News

No GMO Means No Aloha

Not Dead Yet, Hawaii

NRA-ILA Hawaii

Oahu Alternative Transport

Obookiah

OHA Lies

Opt Out Today

OurFutureHawaii.com

Patients Rights Council Hawaii

PEACE Hawaii

People vs Machine

Pritchett Cartoons

Pro-GMO Hawaii

P.U.E.O.

RailRipoff.com

Rental by Owner Awareness Assn

ReRoute the Rail

Research Institute for Hawaii USA

Rick Hamada Show

RJ Rummel

Robotics Organizing Committee

Save Dillingham Airfield

School Choice in Hawaii

SenatorFong.com

Sink the Jones Act

Statehood for Guam

Talking Tax

Tax Foundation of Hawaii

The Real Hanabusa

Time Out Honolulu

Trustee Akina KWO Columns

UCC Truths

US Tax Foundation Hawaii Info

VAREP Honolulu

Waagey.org

West Maui Taxpayers Association

What Natalie Thinks

Whole Life Hawaii

Yes2TMT