Hawaiʻi is expected to begin accepting new luxury condo rentals starting in January, the state said Thursday, adding to a growing list of cities around the world where residents can buy and rent their homes.
The new rules, first reported by local media, are part of the island’s Housing Affordability and Livability Agenda, or HAIL.
Hail is the state’s housing finance program that allows people with incomes below about $75,000 to buy and lease homes.
It is a way for wealthy residents to reduce the amount of money they have to spend on housing, especially for housing they need to be able to afford.
The new regulations will allow homeowners to rent up to three-quarters of their units for $1,250 per month.
The state said it will use the income of the rental unit to calculate the cost of the property.
The rules also allow people to use the proceeds from the sales tax, if it is collected in their home state, to pay for mortgage payments.
The first wave of luxury condo rental permits is expected in January.
The rules allow residents to rent units at a rate of $2,500 per month, but residents who want to stay longer can rent for more.
A condo can have a maximum occupancy of seven people and can be used as a temporary home for up to five people, depending on the owner’s income.
There is no limit on the number of people a condo can house.
In some cases, it is possible for multiple people to live in the unit, though residents must pay rent for each one of them.
Herald staff writer John Riedl contributed to this report.