The Hawaii Housing Finance and Development Corp. signed amended lease agreements Sunday with 11 Waiahole Valley farmers that will have them pay below-market rents through 2038.

Annual rent for the agricultural areas of leased property increases to $200 an acre from $100 an acre, excluding areas with residential use. Annual rent for residential-dwelling areas increases to $1,650 from the $500 previously assessed for all dwelling uses.

Additionally, farmers will now pay 1% of gross agricultural income derived from the leased properties for the preceding calendar year, up from 0.9%.

Par Hawaii gets trade zone OK

Kapolei-based Par Hawaii said Monday it has received the first federal approve to produce renewable fuels in a foreign-trade zone.

The authorization by the U.S. Department of Commerce, Foreign-Trade Zones Board expands Par Hawaii’s FTZ Production Authority to manufacture fuels such as renewable diesel, sustainable aviation fuel and naphtha, using both foreign and domestically sourced crude soybean oil and refined soybean oil.