Proposing amendments to Hawaii's Constitution to authorize counties to issue housing infrastructure growth bonds.

The bill proposes amendments to Article VII, Sections 12 and 13, of the Hawaii State Constitution to authorize counties to issue housing infrastructure growth bonds. These bonds would be payable solely from the incremental increase in real property tax revenues within designated districts, without requiring countywide tax increases. The bonds would be excluded from county debt limit calculations if repaid from those incremental revenues. The intent is to address Hawaii's housing shortage by funding housing-enabling infrastructure through value capture mechanisms.

Proposing amendments to Hawaii's Constitution to authorize counties to issue housing infrastructure growth bonds.

The bill proposes amendments to Article VII, Sections 12 and 13, of the Hawaii State Constitution to authorize counties to issue housing infrastructure growth bonds. These bonds would be payable solely from the incremental increase in real property tax revenues within designated districts, without requiring countywide tax increases. The bonds would be excluded from county debt limit calculations if repaid from those incremental revenues. The intent is to address Hawaii's housing shortage by funding housing-enabling infrastructure through value capture mechanisms.