Hawaii gubernatorial candidate Duke Aiona today announced what his campaign calls a “ground-breaking affordable housing solution” called H.O.P.E. (Home Ownership Personal Equity) Affordable Housing Program.

“This model hasn’t been implemented in the nation, much less in the state of Hawaii,” Aiona said in a press release.

His campaign adds that the plan is “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.”

Here’s excerpts from a “fact sheet” provided by the campaign to explain the program:

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. …

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.

Peter Savio of the Savio Group and Jay Iranon of Swinerton Builders were both on hand as Aiona released the policy initiative to local media at his campaign headquarters on Nimitz Highway. 

Former Lt. Gov. Duke Aiona ponders a question during an interview with Civil Beat’s editorial board, Sept. 29.

Nathan Eagle/Civil Beat