HI HB741

Exempts affordable housing projects financed by nonprofit community development financial institutions from prevailing wage requirements under Chapter 104, Hawaii Revised Statutes, if certified by the Hawaii Housing Finance and Development Corporation as utilizing less than a specified amount from the Affordable Homeownership Revolving Fund.

Amends Section 104-2, Hawaii Revised Statutes, to add the exemption as an exception to prevailing wage law applicability for construction contracts exceeding $2,000.

Purpose is to make affordable housing projects developed by nonprofits like Habitat for Humanity financially feasible by reducing construction costs through prevailing wage exemptions while preserving prevailing wage protections for other public works projects.

Allows the Affordable Homeownership Revolving Fund, established by Act 227 (2021), to fulfill its intended purpose of supporting affordable for-sale housing development by nonprofit organizations and community development financial institutions.

Effective July 1, 3000.