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COUNTY OF HAWAII <br />STATE OF HAWAII <br />ORDINANCE NO. 06 111 <br />BILL NO. 295 <br />DRAFT 2 <br />AN ORDINANCE AMENDING CHAPTER 19 OF THE HAWAII COUNTY CODE <br />1983 (2005 EDITION), REAL PROPERTY TAXES, RELATING TO REAL <br />PROPERTY TAX EXEMPTIONS. <br />BE IT ORDAINED BY THE COUNCIL OF THE COUNTY OF HAWAII: <br />SECTION 1. The County of Hawaii has embarked upon a new endeavor for the <br />creation of affordable and employee housing within the County of Hawaii. To facilitate <br />this undertaking, the Hawaii Island Housing Trust was created to manage all property that <br />is deeded to the County of Hawaii for this purpose. In order for the Hawaii Island <br />Housing Trust to fulfill its mission, tax exempt status should be granted to help lower <br />costs to provide affordable housing, while the Hawaii Island Housing Trust holds the land <br />for development. <br />SECTION 2. Chapter 19, article 10, of the Hawaii County Code 1983 (2005 <br />edition), is amended by creating a new section to read as follows: <br />Section 19- . Hawai`i Island Housing Trust Exemption. <br />There shall be exempt except for the minimum tax from real property <br />taxes those properties held by the Hawaii Island Housing Trust and its nonprofit <br />special purpose entities until such time as the properties are leased to individual <br />homeowners. <br />