HCDA completes acquisition of 586 South Street for affordable housing development

The Hawaii Community Development Authority (HCDA) held a meeting on May 8, 2025, to discuss various agenda items, including financial updates and housing development initiatives. The meeting began with a brief acknowledgment from the chair, thanking Director Nakamoto and the staff for their contributions.

The first significant topic addressed was the financial status of the HCDA. It was noted that there has been an overall decrease in available cash, attributed to the management of occupied units. The board discussed the importance of stabilizing cash flow through necessary repairs and maintenance of these units, which would help improve their condition and operational efficiency.

Following the financial discussion, the meeting moved to public testimony. However, no individuals signed up to provide testimony, leading to the closure of this segment without any public input.

The meeting then transitioned to an update on the HCDA's recent acquisition of a vacant parcel of land located at 586 South Street, Honolulu. Executive Director Craig Nakamoto reported that the acquisition was finalized on April 29, 2025, as part of the HCDA's strategic plan to enhance housing development in the Kaka'ako Community Development District. The property is intended for the development of either supportive or affordable housing.

Nakamoto highlighted that the state budget has allocated $34 million over two years for the planning, design, and construction of supportive housing on the newly acquired site. He emphasized the importance of this initiative as a response to legislative policy goals aimed at addressing housing needs in the district.

In preparation for the development, the HCDA plans to conduct an archaeological inventory survey and monitoring plan for the property. This step is crucial for ensuring compliance with regulatory requirements and preparing the site for a future developer.

The meeting concluded without further comments or questions from board members, marking a productive session focused on financial stability and housing development initiatives in Hawaii.