HI HB741

Exempts affordable housing projects financed by nonprofit community development financial institutions from Hawaii's prevailing wage requirements (Chapter 104) when certified by the Hawaii Housing Finance and Development Corporation as utilizing less than a specified dollar amount from the Affordable Homeownership Revolving Fund

Amends Chapter 201H (Hawaii Housing Finance and Development Corporation) to add a new section establishing the prevailing wage exemption for qualifying affordable housing projects

Amends Section 104-2 (prevailing wage law) to include the new exemption alongside existing exemptions for experimental housing and projects under $500,000 by private nonprofit corporations

Aims to make the Affordable Homeownership Revolving Fund (established by Act 227, 2021) more financially viable for organizations like Habitat for Humanity that rely on volunteer labor and limited funding

Effective date set to July 1, 3000 (placeholder date indicating amount thresholds need to be determined before implementation)