Housing developers and builders will be eligible for property tax exemptions and various fee waivers from the city if they commit to building housing aimed at lower- income families and individuals, under a bill signed into law Thursday by Honolulu Mayor Kirk Caldwell.

Bill 59 (2017), approved unanimously by the City Council on Jan. 31, provides specifically:

>> Property tax exemptions for affordable rental units for the time they stay in the affordable category.

>> A freeze on property tax assessments, what’s known as a tax holiday, during the time an affordable-housing project is being constructed, or up to three years.

>> A waiver on wastewater system facility charges for affordable units.

>> A waiver of plan review and building permit fees for affordable units.

>> A waiver from park dedication requirements for affordable units.

Eligibility and price of the units — both of the sales and rental variety — will be based on standard federal area median income levels issued annually by the Department of Housing and Urban Development.

The bill received widespread support from both developers and affordable-housing advocates.

Caldwell, whose administration sponsored the measure, urged Council members to pass a companion bill, Bill 58 (2017), which would require those same developers and builders to put up affordable units that are more accessible to those making 80 percent of area median income or less. Developers say some of the requirements would make it tougher for them to finance any kind of housing.

Council Zoning Chairwoman Kymberly Pine, who attended Thursday’s bill signing, has promised to shepherd through the bill.