Kakaako Reserved Housing Program
The HCDA Reserved Housing program is for Hawaii residents earning between 80-140% of the area median income (AMI), allowing eligible purchasers to buy homes at below market rates.
The program requires that at least 20 percent of new residential units, either for sale or for rent, are set aside for low- and moderate- income households. The rental or sales prices for these units are calculated so a household would spend no more than a third of its gross monthly income on housing expenses, making them affordable to Hawaii’s working families.
Housing expenses include, but are not limited to, mortgage, property taxes, mortgage insurance, and condominium association dues.
The Reserved Housing program comes with a few restrictions, such as requiring homeowners to agree to live in their new condominium for a minimum time period and, if they sell the unit, requiring them to share some of the increased equity on the unit with the Authority, which is then put back into the reserved housing program to develop more affordable housing.
Owners of an HCDA Reserved Housing Unit may obtain a second mortgage (i.e., HELOC) under certain conditions with subordination approval from the HCDA. Read more.
On June 25, 2021, an amendment to the Hawaii Administrative Rules (HAR) became effective. It allows for payment of shared equity without sale or transfer of a Reserved Housing Unit, HAR §15-218-41 Kakaako Reserved and Workforce Housing Rules. Read more
Owners of an HCDA Reserved Housing Unit may refinance under certain conditions with subordination approval from HCDA. Read more
To sell or transfer title to an HCDA Reserved Housing Unit Read more
Reserved Housing Rules and Regulations
There are no projects currently governed by the 2018 rules. However, Reserved Housing Unit owners currently governed by the 2005 or 2011 rules may choose to opt into the 2018 rules instead. Unless you specifically opted in to the 2018 rules, your Reserved Housing Unit is governed by the following rules depending on the project:
*All Howard Hughes and Kamehameha Schools master plan projects are vested under the 2005 Rules.
If you have any questions, or for more information about HCDA’s Reserved Housing Program:
Phone: (808) 594-0311