Hawaii’s efforts to address its housing affordability crisis through a $300 million investment in 2022 is yielding both encouraging and sobering results.

About 2,000 units priced below market rates are scheduled to come on the market for renters during the year, but the state has a long way to go to meet existing housing demand estimated at 10,000 affordable housing units, according to an article by the Honolulu Civil Beat and the Associated Press.

The Rental Housing Revolving Fund awarded low-interest loans to housing developers with projects targeted at renters earning less than 30% of the state’s average median income of $140,000 for a family of four. Forty projects encompassing nearly 5,000 affordable rental units received funding. Governor Josh Green has proposed adding $250 million more to the fund over the next two years.