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HCDA: Honua Kaha shows lower-than-expected income, $201,000 tenant receivable; board to seek follow-up from manager
Summary
HCDA staff reported lower-than-expected income for the Honua Kaha senior rental project, a $201,000 tenant receivable balance, 126 occupied units, and a one-year rehab schedule for 15 units. The board asked the property manager for a follow-up before the next meeting; the board also approved the July 2, 2025 minutes.
The Hawaii Community Development Authority’s Kakaʻako Authority on Aug. 6 heard that the Honua Kaha senior rental housing project at 545 Queen Street is reporting lower-than-expected income and a tenant receivable balance of $201,000, HCDA staff said.
Garrett Sasaki, HCDA chief financial officer, told the board the project’s recent financial package shows “income is low” and that “it seems like it’s more of an accounting error rather than a drop in collections,” though staff are verifying the discrepancy with the property manager, MDI.
The update matters because the board said the shortfall is large enough to affect the project’s expected revenue. Board members asked for additional detail from MDI and requested the follow-up be shared with the board prior to the next meeting.
Sasaki reported the following operational and financial details provided in the staff packet: 126 units are occupied; 24 units are not occupied, of which about nine are rent-ready and about 15 require rehabilitation. Sasaki said…
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