HCDA authorizes supplemental financing and buyback plan for Ulana Ward Village reserved units

HONOLULU — The Hawaiʻi Community Development Authority voted July 2 to authorize the executive director to implement a supplemental financing and buyback plan for reserved housing units in the Ulana Ward Village project at 828 Owyhee Street (tax map key 12-1-053-001). The board approved the plan by roll call vote, 9-0.

The action permits the executive director to apply one of four staff-proposed responses if a reserved-unit owner seeks to sell during the unit's regulated term: (1) HCDA or a designated partner purchases the unit (the current policy); (2) HCDA designates a substitute buyer through a procured broker and effectuates an owner-to-owner sale; (3) HCDA buys the unit and places it in managed affordable rental for the remainder of the regulated term; or (4) HCDA waives buyback but requires immediate payment of the shared-equity amount if the owner rents the unit. Staff said options 1 and 3 may require supplemental financing.

The proposal was presented by Lindsay Doy, asset manager for HCDA, who told the board the Ulana project is “coming…