Bill 7 is a hot topic in Honolulu right now. Recently signed by the mayor, the measure is intended to spur new, affordable housing developments throughout the city. It could also provide interesting opportunities for those who currently own property around the city. If you own a home or a residential lot, here’s a rundown of the basics you need to know about this bill and how a residential architect and builder can help you make the most of it.
What Does Bill 7 Do?
Bill 7 provides incentives for those who own properties of 20,000 square feet or less to develop affordable rental units on that land. Incentives include waiving zoning regulations like building heights and permit applications, along with a 10-year waiver on property taxes.
To qualify, the property must be in an apartment or business mixed-use zone. Additionally, at least 80% of the units must be offered at prices deemed reasonable for those at median federal income levels.
What Does It Mean for Property Owners?
If you currently own property in Honolulu, this bill could make building rental units easier and more affordable. If your property qualifies, you won’t have to jump through as many hoops or adhere to as many building and zoning guidelines, and you would receive tax breaks. By working with a qualified residential architect, you can construct affordable units that help the city solve its housing crisis while earning a tidy income.
If you’re interested in exploring the possibilities that Bill 7 offers, contact Prowork Pacific Inc. The residential architects will help you design or plan your property expansion. Specializing in luxury house design and custom home remodeling projects, the team serves residents and business owners throughout Oahu. They also provide third party reviews for those who have the planning done by another company. To see examples of their work, visit the portfolio on the company’s website. To discuss your project with a residential architect, call (808) 384-3388.