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Fifth Proclamation Relating to Affordable Housing, Signed February 20, 2024

February 23, 2024
Categories: 
Emergency Proclamation

Proclamation Highlights:

  • Concludes the Build Beyond Barriers Working Group (BBB) and assigns the certification responsibility to the Hawaii Housing Finance and Development Corporation. Applicants must now submit their proposals to the HHFDC.
  • Expands the affordability threshold for projects and to benefit from the waivers, and exemptions allowed under the Proclamation, developers must now produce 60% of their units at 140% AMI or less.
  • Automatically exempts certified affordable housing projects from School Impact Fees and General Excise Taxes. County fees such as park dedication and wastewater dedication fees may also be waived to help offset rising interest rates and construction costs due to inflation and supply chain disruptions.

Fifth Proclamation Relating to Affordable Housing, Signed February 20, 2024