S.B. 39 Summary

• Amends section 104-2(i) to allow affordable rental housing projects meeting prevailing wage requirements to receive waivers of real property taxes, permitting fees, water and sewer development fees, and other development fees from counties.

• Clarifies that section 201H-36(a)(5) prevailing wages apply when projects receive no other direct or indirect financing from the Hawaii Housing Finance and Development Corporation.

• Removes the restriction limiting general excise tax exemption costs to "contracting only," allowing the $30,000,000 annual aggregate cap to apply to all eligible costs for certified affordable rental housing projects.

• Requires that at least 20 percent of units in section 201H-36(a)(5) projects be affordable to households earning 80 percent or below area median income, and prohibits owners from refusing to lease based on Housing Choice Voucher status.

• Effective July 1, 2050.