Kalani Condominiums in Hilo, from video courtesy Nareit Foundation

(BIVN) – Non-profit executives convened at the Kalani Condominiums in Hilo on Thursday, where a $75,000 grant from the Nareit Foundation will support the rehabilitation of properties under the Hawaiian Community Assets’ Ua Hale Aʻela lease-to-purchase program.

From a Nareit Foundation news release:

The Nareit Foundation has awarded a $75,000 grant to Hawaiian Community Assets (HCA), a statewide Hawaii nonprofit organization that for nearly 25 years has worked to build the capacity of low- and moderate-income communities to achieve and sustain economic self-sufficiency with a focus on Native Hawaiians.

The grant is supporting Ua Hale Aʻela, the first lease-to-purchase program of its kind in Hawaii, and the rehabilitation of seven properties on Hawaii Island and one property on Maui, with the funds helping to cover costs for labor, materials, supplies, and permits.

inside the Kalani Condominiums, from video courtesy Nareit Foundation

The Ua Hale Aʻela program serves families who earn at or below 120% of the area median income level, with the objective of bridging the gap between renting and owning a home, and providing program participants with a solid pathway to securing permanent housing. The program is a beacon of hope for individuals and families who may not qualify for traditional mortgage loans, transforming the lives of vulnerable populations and guiding them toward homeownership.

“We are deeply grateful for this generous grant from the Nareit Foundation, which will allow us to provide our Ua Hale Aʻela clients with safe, welcoming homes that meet their essential needs from the very start,” said Chelsie Evans Enos, Executive Director of Hawaiian Community Assets. “With this support, we can make critical renovations, such as new flooring, appliances, and fixtures, ensuring that each unit is move-in ready for our clients on Hawaiʻi Island and Maui. This investment in housing quality not only helps create stable living environments but also supports a brighter future for the ʻohana and individuals we serve.”

Nareit Hawaii Executive Director Gladys Quinto Marrone noted, “The Ua Hale A‘ela program is a wonderful testament to the creativity and energy that Hawaiian Community Assets is employing to help families needing support to find an affordable home of their own and fulfill a lifelong goal. We applaud their sense of responsibility and how this is making our communities stronger and giving families and children a solid foundation to build their future.”

Under the Ua Hale A‘ela program, HCA acquires an affordable home for a family to lease, then works with that family to secure the financing needed for its purchase within two years, setting the purchase price at the onset of the lease. The funds received from that sale are then reinvested into another affordable home for a family to lease and eventually purchase. By replicating this sustainable homeownership model, HCA helps ensure affordable housing will continue to be available for low- to moderate-income families. HCA’s goal is to acquire 28 more affordable housing units through the program in 2025.

HCA is the largest Department of Housing and Urban Development (HUD)-certified housing counseling agency in Hawaii.

The grant awarded to HCA is funded by the Nareit Foundation, a Section 501(c)(3) organization, and REITs operating in Hawaii as part of the Nareit Hawaii Community Giving Initiative, which supports affordable housing projects provided by nonprofits.

Hawaii REITs are long-term property holders that own, renovate and manage affordable housing

projects, commercial buildings, medical facilities, shopping centers, logistical spaces and warehouses for small businesses, cell phone towers, public storage facilities, and hotels.