HI HB2385

Authorizes the Hawaii Housing Finance and Development Corporation (HHFDC) to approve general excise tax exemptions for housing projects developed under county assistance programs where at least 50% of units serve households at or below 100% of median family income.

Removes counties' direct authority to grant general excise tax exemptions for housing projects, requiring such exemptions to be approved through HHFDC instead.

Establishes a 15-year minimum compliance term for new construction projects developed under county assistance programs, compared to 30 years for other new construction projects receiving the exemption.

Addresses Hawaii's housing emergency, citing estimates that 50,000 homes are needed within five years and acknowledging that existing tax exemptions alone are insufficient to offset rising construction costs and interest rates.

Takes effect July 1, 3000 (placeholder date), with provisions ensuring amendments survive scheduled repeals and reenactments of related statutes through 2031.