Authorizes the Hawaii Housing Finance and Development Corporation to issue bonds for housing project infrastructure and finance the development of regional state infrastructure projects. Exempts bonds issued by HHFDC for improvements by assessments, and the interest thereon, from state, county, and municipal taxation, with certain exceptions. Includes proceeds from bonds issued for regional state infrastructure projects as a source of revenue for regional state infrastructure subaccounts. Authorizes the cost of providing regional infrastructure improvements to be assessed against housing and mixed-use transit-oriented development projects specifically benefiting from the improvements when a regional infrastructure improvement project is undertaken by the Hawaii Housing Finance and Development Corporation. Authorizes regional state infrastructure subaccount revenues to be used to repay regional state infrastructure project bond holders. (CD1)