HB 1988 Summary

• Expands county powers to develop, construct, finance, refinance, or provide low- and moderate-income housing projects, mixed-income projects, and mixed-use developments on the same basis as the Hawaii Housing Finance and Development Corporation.

• Allows income-restricted housing units in low- and moderate-income projects to be made available to households with higher incomes if insufficient qualified applicants exist to ensure full occupancy.

• Grants county housing projects exemption from general excise or receipts taxes in the same manner as Hawaii Housing Finance and Development Corporation projects.

• Applies to bond proceeds expended by counties after December 31, 2023, and becomes effective July 1, 3000.