HHFDC’s Rent-to-Own Wave Brings New Momentum to The Block 803

A Fresh Turn for The Block 803

In the heart of Kaka‘ako, The Block 803 at Waimanu has been a standout addition to Honolulu’s urban landscape. Offering modern studios and one-bedroom condos in a prime location near SALT at Our Kaka‘ako, Ward Village, and Ala Moana, the project was designed to deliver style, efficiency, and accessibility.

Yet even strong projects can face challenges. Like many urban developments, The Block 803 has seen slower-than-expected sales of its remaining units—prompting state housing officials to step in with an innovative proposal designed to help both the developer and local buyers.

The HHFDC Proposal

In May 2025, the Hawaii Housing Finance and Development Corporation (HHFDC) introduced a plan to purchase a portion of the unsold units at The Block 803 and offer them under a rent-to-own program.

The program is designed with three key goals:

1. Stabilize the project’s finances
   By purchasing enough units to pay off the developer’s senior loan, HHFDC would eliminate heavy monthly interest costs that have slowed the project’s momentum.

2. Create a rent-to-own pathway
   Acquired units would be placed into a rent-to-own program, allowing residents to build toward eventual ownership while living affordably in Kaka‘ako. This model helps bridge the gap for buyers who might not yet qualify for a mortgage but are committed to homeownership.

3. Boost buyer incentives
   The proposal also calls for additional marketing strategies—such as covering maintenance fees for a period of time, helping with closing costs, offering interest-rate buy-downs, or adjusting pricing based on unit type. These incentives are meant to make ownership even more accessible for qualified buyers.

Why It Matters

This proposal could be a game-changer for The Block 803 and for Honolulu’s housing market:

• For buyers: Rent-to-own provides a rare opportunity to transition from renting to owning in one of Honolulu’s most desirable neighborhoods.

• For the developer: Paying off the loan and accelerating sales means greater financial stability and renewed momentum.

• For the community: Filling units with long-term residents strengthens the neighborhood and brings more life to Kaka‘ako’s growing urban core.

As reported by the Honolulu Star-Advertiser, housing officials believe this model could become a blueprint for future projects across O‘ahu, helping to tackle affordability challenges while ensuring that important developments like The Block 803 reach their full potential.

The Bottom Line

With the state stepping in to provide creative solutions, The Block 803 is entering an exciting new chapter. For buyers who have dreamed of owning in Kaka‘ako but felt priced out or unable to qualify, this could be the perfect window of opportunity.

“Interested in exploring your options at The Block 803? Our team at ONE Pacific Realty can guide you through the latest updates, including eligibility for the rent-to-own program.” 

👉🏼 Contact us today to learn more at info@onepacificrealty.com

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