Informing the Legislature that on May 28, 2024, the Governor signed the following bill into law: SB1170 SD2 HD1 CD1 (ACT 031).

This bill informs the Hawaii Legislature that the Governor signed Act 031 into law on May 28, 2024, which aims to address the state's housing shortage by empowering local counties to issue affordable housing credits. The key provision amends state statutes to allow counties to develop, construct, and provide low- and moderate-income housing using the same powers as the Hawaii Housing Finance and Development Corporation, including the ability to acquire land through purchase, lease, or eminent domain. Additionally, the law grants these county projects exemptions from general excise and receipts taxes, matching the tax treatment previously available to state housing projects. While the bill cites rising interest rates and construction costs as reasons for the housing crisis, its primary function is to enable counties to directly participate in affordable housing production through specific financial and operational authorities.