HONOLULU (HawaiiNewsNow) - Gov. David Ige has signed a bill aimed at increasing the production of affordable rental housing in Hawaii.
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The bill gives $210 million to the Hawaii Housing Finance and Development Corporation, as well as extends tax exemptions for certain affordable rental housing projects from June 30, 2022 to June 30, 2026.
"Housing has been a top priority for my administration from day one. We have been advocating for increased investment in the Rental Housing Revolving Fund for nearly 4 years now. I'm so glad that the Legislature is funding these very important programs that we have been advocating for," Ige said, in a news release.
The governor's office says that the state has completed 2,000 affordable homes since 2014, and an additional 1,400 units are under construction. Another 4,000 are in the planning phase.
The bill will allow the HHFDC to build 1,600 more affordable units.
"The collaborative efforts of the community – from developers to builders, housing advocates and our legislators – is enabling the state to help our families realize their dream of having their own home," Ige said.