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HI HB2085
Bill
Status
1/21/2014
Primary Sponsor
Sharon Har
Click for details
AI Summary
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Authorizes the Hawaii Housing Finance and Development Corporation (HHFDC) to develop mixed-use projects on state-owned land located within 2,000 feet of rail transit stations, combining affordable residential units with commercial, cultural, institutional, or industrial uses.
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Provides general excise tax exemptions for qualified developers of these location-efficient mixed-use projects, with tax savings required to be used exclusively for affordable rental housing units within the project.
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Defines "location-efficient area" as contiguous state-owned parcels of five or more acres where at least one parcel is within 2,000 feet of a rail transit station.
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Requires mixed-use projects to be approved by the county, subject to prevailing wage requirements under federal law or project labor agreements, and to serve as many low-income households as feasible.
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Effective July 1, 2014, with general excise tax exemptions applying to taxable years beginning after December 31, 2015.
Legislative Description
HHFDC; Affordable Housing and Mixed-Use Projects Incentive
Last Action
Passed Second Reading as amended in HD 1 and referred to the committee(s) on FIN with Representative(s) Hanohano, Thielen voting aye with reservations; none voting no (0) and Representative(s) Awana, Cachola, Carroll, Takumi excused (4).
2/13/2014