How an Ulana Owner Successfully Navigated the HCDA Buyback Process — And What It Means for Other Owners

3 days ago
3 min read

For many homeowners at Ulana Ward Village, the building represents something incredibly meaningful — the opportunity to own a home in Kakaʻako at below market prices.

But along with that opportunity comes a set of rules that sometimes create confusion.

One of the most common questions we hear from Ulana owners is this:

“What happens if my life circumstances change before the 2-, 5-, or 10-year restriction periods?”

Many owners assume they are simply “stuck” during those years.

Recently, however, one Ulana Ward Village homeowner discovered that there is another path — and it may help other owners facing similar situations.

The Common Misconception About Reserved Housing Restrictions

Reserved housing condos at Ulana Ward Village are regulated by the Hawaii Community Development Authority (HCDA).

These regulations include restrictions designed to preserve affordability, such as:

Owner-occupancy requirements
Resale price limits
Buyback provisions
Time-based restriction periods (2, 5, and 10 years)

Because of these rules, many owners understandably believe they cannot sell their home if life changes unexpectedly.

But that assumption isn’t always correct.

When Life Circumstances Change

The reality is that life doesn’t always follow a predictable timeline.

Job changes, family needs, relocations, or financial pressures can arise unexpectedly.

Recently, one Ulana homeowner who purchased through ONE Pacific Realty found themselves facing exactly that situation.

Their circumstances had changed, and continuing to carry the condo had become a financial burden.

They were worried they might be stuck.

Instead of accepting that outcome, we explored every available option.

Navigating the HCDA Buyback Process

After working closely with the homeowner and coordinating with HCDA, we successfully completed the buyback process for the unit.

The result:

The homeowner was released from the financial burden
The unit could return to the market
A new eligible first-time buyer will have the opportunity to purchase it at an affordable price

This buyback process was successfully facilitated by ONE Pacific Realty.

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

While every situation is unique, the experience demonstrated something important:

Owners do have options.

A New Opportunity for First-Time Buyers

One positive outcome of the buyback process is that the condo can now help another local buyer enter the Kakaʻako market.

A 1-bedroom home at Ulana Ward Village is now available at below current market prices, specifically for buyers who meet the eligibility requirements.

These condos rarely become available, and when they do, demand is extremely high.

For buyers who thought owning in Ward Village was out of reach, this is a rare second chance.

Another Opportunity on the Horizon

In addition to the newly available one-bedroom, there is also an upcoming three-bedroom Ulana Ward Village condo expected to return to the market in the near future through the HCDA buyback process.

Three-bedroom homes at Ulana Ward Village are particularly rare and highly sought after, especially for families looking to stay in the urban core.

Considering Your Options as an Ulana Owner?

If you currently own at Ulana Ward Village and are feeling uncertain about your situation, it may be worth having a conversation.

Some owners worry that asking about their options could cause problems or trigger consequences.

In reality, understanding the rules and possibilities is simply part of responsible homeownership.

If circumstances have changed and you're unsure what to do next, we can help explain:

How the HCDA buyback process works
When it may be possible to request one
What documentation may be required
What potential timelines could look like

Every case is different, but having the right information can make a big difference.

Helping Owners and Buyers Navigate Affordable Housing

At ONE Pacific Realty, our focus has always been helping local buyers and owners navigate Hawaii’s affordable and reserved housing programs.

These programs can create life-changing opportunities — but they can also be complicated.

Sometimes the most valuable thing we can provide is simply clarity.

If you’re an Ulana Ward Village owner with questions about your situation, or a buyer hoping to take advantage of upcoming opportunities, we’re happy to help.

Want to learn more about the upcoming Ulana opportunities?

Reach out to us directly or follow along on Instagram for updates as these homes become available.

The next opportunity to own in Ward Village at below market pricing might be closer than you think.