Affordable housing income limits released for 2024
The Department of Planning and Permitting (DPP) has released the 2024 affordable housing income limits. They serve as guidelines in qualifying purchasers and renters for affordable units as required under various city programs. They took effect on April 22, 2024.
Income limits increased 6.3 percent, on average, from 2023. This follows a 0.3 percent increase last year. Allowable maximum rents for affordable units increased this year by an average of 6.4 percent over 2023.
The affordable housing income limits and maximum rents are based on the multifamily tax subsidy project income limits set by the U.S. Department of Housing and Urban Development (HUD). The DPP’s income limits are the same as that of the Hawai‘i Housing Finance and Development Corporation (HHFDC), which oversees development and operation of many state-sponsored affordable units.
The DPP sets housing expenditure thresholds based on income limits to determine maximum rent for various income groups and household sizes in Honolulu. For example, the income limit for a household of four at the median level income (100 percent) in 2024 is $139,200, up 6.3 percent from last year’s $131,000. The maximum monthly rent for this household is $3,132 for a two-bedroom unit, according to DPP calculations, up 6.3 percent from last year’s maximum rent of $2,947.
A complete list of the 2024 affordable housing income limits and maximum rents by income groups and household size is available at http://bit.ly/4b3KNFX.