Case Study: How ONE Pacific Realty Helped an Ulana Owner Navigate the HCDA Buyback Process

When Life Circumstances Change

Reserved housing programs create incredible opportunities for local buyers to own homes in communities like Ward Village. However, these programs also include regulations designed to preserve long-term affordability.At Ulana Ward Village, those regulations include owner-occupancy requirements and restriction periods of 2, 5 or 10 years.

Because of these rules, many owners believe they have no options if their circumstances change during that time.

Recently, ONE Pacific Realty worked with a homeowner facing exactly that challenge.

The Challenge

Our client originally purchased their home at Ulana through the reserved housing program. Over the 3 year period, from pre-sale lottery to closing, life circumstances shifted in ways they could not have anticipated.

The condo had become a financial burden, yet the owner believed they might be unable to sell due to the program restrictions. Rather than accepting that outcome, we explored the available pathways within the HCDA guidelines.

Navigating the HCDA Buyback Process

Working closely with the homeowner and coordinating with the Hawaii Community Development Authority (HCDA), we were able to guide the property through the official buyback process.

The process involved:

• Understanding HCDA program rules
• Coordinating required documentation
• Communicating with program administrators
• Managing the timeline for the transaction

Ultimately, the buyback was successfully completed.

To our knowledge, this represents the first and only successfully completed HCDA buyback transaction at Ulana Ward Village facilitated by a brokerage.

The Result

The outcome created benefits on multiple levels:

• The homeowner was able to move forward without the financial burden
• The condo can return to the market for another eligible buyer
• The reserved housing program continues to serve its intended purpose

Opportunities like this also help maintain access to homeownership in high-demand neighborhoods like Kakaʻako.

A New Opportunity for Buyers

Because of this buyback, a 1-bedroom Ulana condo has return to the market substancially below market prices for the neighborhood. Demand for these condos is extremely high, particularly among first-time buyers hoping to live in Ward Village.

Additionally, a three-bedroom Ulana Ward Village condo is expected to return to the market in the near future, which would represent a rare opportunity for buyers seeking larger condos in the urban core.

Helping Clients Navigate Complex Housing Programs

Reserved housing programs provide tremendous opportunities — but they also involve unique rules and procedures.

Successfully navigating those rules requires experience, patience, and careful coordination with the governing agencies.

At ONE Pacific Realty, we specialize in helping clients navigate the complexities of new development and reserved/affordable housing programs throughout Oahu in neighborhoods like Kaka'ako and Koa Ridge.

If you own a home at Ulana Ward Village and would like to better understand your options, we would be happy to have a confidential conversation.

For a deeper explanation of how the HCDA buyback process works at Ulana, read our full article blog at www.inKakaako.com.

About ONE Pacific Realty

ONE Pacific Realty specializes in new development and affordable housing opportunities across Oahu, with a particular focus on Kakaʻako, Ward Village, Keeaumoku/Ala Moana, & Koa Ridge.