A bill offering tax exemptions to property owners who provide affordable rentals based on federal housing guidelines got first reading approval from the Honolulu City Council today.

Council Bill 63-09 now goes to the Budget Committee.

The council also gave a preliminary nod to Bill 66-09, which creates a seven-year holiday for property owners who make improvements on their property during a specified period. The bill is designed to help stimulate the building industry.

That bill also now goes to the Budget Committee.

The council this afternoon will discuss establishing a separate property tax classification for owner-occupants.