HI SB2266

Authorizes the Hawaii Housing Finance and Development Corporation to develop mixed-use projects in location-efficient areas (five or more contiguous acres within half a mile of a proposed rail station) that combine affordable multifamily housing with commercial, cultural, institutional, or industrial uses.

Grants general excise tax exemptions for qualified developers of these mixed-use projects, with cost savings required to be used exclusively for affordable rental housing units serving low-income households.

Requires state agencies within location-efficient areas to enter into memoranda of understanding with the Department of Business, Economic Development, and Tourism by December 31, 2016, to develop at least one mixed-use project unless exempted as unsuitable for residential development.

Authorizes the issuance of general obligation bonds and appropriates unspecified amounts to the rental housing trust fund and dwelling unit revolving fund for fiscal year 2014-2015 to finance affordable rental housing development and infrastructure improvements.

Effective July 1, 2050.