HI SB866

Clarifies that projects must not receive any direct or indirect 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" for affordable rental housing projects developed under prevailing wage contracts, allowing exemption to apply to all eligible costs up to $30,000,000 per year aggregate.

Applies to projects approved or certified between July 1, 2018 and June 30, 2030 that provide affordable rental housing through new construction or substantial rehabilitation with prevailing wage requirements.

Takes effect July 1, 2050.