HI SB866

Clarifies that projects must not receive any financing from the Hawaii Housing Finance and Development Corporation to qualify for general excise tax exemption under Section 201H-36(a)(5).

Allows 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.

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 affordable rental housing projects.

Maintains existing affordable housing affordability requirements: at least 50% of units for households at or below 80% of area median family income, with 20% of units at or below 60% of area median family income.

Effective date: July 1, 2050.