January General Meeting|
President's Message (Dorothy Lum)
Report on Voter Services (Nan Luter)
Federal Tax Policy - The LWV Fiscal Policy Study
1985 Agenda for Superpower No. 1? (Dottie Gullicksen)
1985-86 Program Planning
What If There Was an Election and Nobody Ran?
Honolulu League Testifies at City Council (Astrid Monson)
Welcome to New Members
Calendar - Meetings/Events: 1985
Honolulu League Testifies at City CouncilSays Purpose of Bill 85 Not Being Followed
President Dee Lum testified at a City Council public hearing on December 5 on Bill 85, designed to permit the issuance of tax-exempt revenue bonds to build rental housing for low and moderate-income families.
Supporting the purpose of the bill, Dee, however, opposed the use of some $40 million of such bonds to finance a second downtown Honolulu Tower, whose developers plan to build studio, one-bedroom and two-bedroom units (400-800 sq. ft.) for rental to downtown young professional workers -- "stockbrokers, attorneys, architects, executive secretaries, etc., earning good salaries", at rentals from $400 to $800 a month.
"We feel", Dee testified, "that such housing and these kinds of renters are not the appropriate beneficiaries of the tax subsidies involved, which we estimate roughly at $300 to $500 per month per unit. A high-rise steel and concrete structure is expensive. and this type of construction and the location are not suitable to meet the needs of low-mod families with children, of which there are thousands in need of rental housing."
Federal rules require that only 20% of the units built with such bonds be available to Iow-mod families, estimated by the developers to have incomes to $30,000. In ten years the building can be converted to a market condominium, taking it out of the rental market entirely
League suggested that the bill include such conditions as:
Developer Pankow's Honolulu Tower II is the only project being considered for approval under Bill 85 to date.
|December 1984||Home Newsletters||February 1985|