HCDA authorizes director to use reserved-housing funds to prepare for Luana buybacks

Honolulu — At its June 4, 2025 Kakaʻako Authority meeting, the Hawaiʻi Community Development Authority voted to authorize the executive director to expend funds from the agency's reserved housing subaccount to prepare for potential buybacks of reserved housing units at the Luana development and to explore alternate financing and pre- and post-buyback options.

The board approved a motion giving the executive director authority 1) to use the reserved housing subaccount funds to buy back reserved housing units at Luana when the agency's buyback right arises during the regulated term; 2) to explore other means of financing for such buybacks; and 3) to study pre- and post-buyback options including equity-sharing, buyback-and-sell, buyback-and-rent, and rent-to-own programs. The motion was moved by Member Evans and seconded by Vice Chair Hsieh and passed on a roll-call vote with all members present…