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~'~y 'NU <br /> COUNTY OF HAWAII STATE OF HAWAII <br /> ~ii o,:M';M~ <br /> BILL N0.295 <br /> DRAFT 2 <br /> ORDINANCE NO. <br /> <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- Hawaii Island Housing Trust Exemation. <br /> There shall be exempt, except for the minimum tax from real property <br /> taxes, those properties held by the Hawaii Island Housin¢ Trust and its nonprofit <br /> ~ecial purpose entities, until such time as the properties aze leased to individual <br /> homeowners. <br /> <br />