Informing the Legislature that on July 15, 2026, the Governor signed the following bill into law: SB2338 SD1 HD2 CD1 (ACT 263).

This bill, signed into law as Act 263, updates the compensation and employment rules for the Hawaii Housing Finance and Development Corporation and the Hawaii Community Development Authority to help them compete for skilled staff. It raises the salary cap for the executive director of the housing finance corporation to 99% of the governor's pay and creates a new deputy executive director role with a salary cap of 95% of the director's pay. Additionally, the legislation exempts these agencies from certain state approval requirements for hiring and job descriptions, while establishing new conditions for their employment contracts. These changes aim to allow the agencies to offer more competitive salaries and streamline their hiring processes to better address Hawaii's affordable housing needs.