Hawaiian Community Assets Buys 28-Unit Ali‘i Kai in Keaukaha for Rent-To-Own Expansion

Hawaiian Community Assets purchased the 28-unit Ali‘i Kai apartments in Keaukaha, Hilo, on Feb. 17, 2026, in partnership with Hawai‘i County’s Office of Housing and Community Development to expand its Ua Hale Aʻela rent-with-option-to-purchase program. The nonprofit’s acquisition adds a full condominium building to the program and, according to HCA materials, doubles the number of units available through Ua Hale Aʻela.

Ua Hale Aʻela places an acquired affordable home into a lease for a family while HCA sets the purchase price at lease onset and works with the household to secure financing needed to buy the unit within two years. The model requires HCA to reinvest funds received from each sale to acquire another affordable home for the next family, with eligibility limited to households earning at or below 120% of area median income.

The acquisition follows a $75,000 Nareit Foundation grant awarded to HCA on Nov. 21, 2024 to support Ua Hale Aʻela and the rehabilitation of seven properties on Hawaiʻi Island and one on Maui. HCA had previously set a goal to acquire 28 more affordable housing units through the program in 2025, and the Ali‘i Kai purchase expands that effort on Hawaiʻi Island while HCA evaluates opportunities on Kauai and Oahu and maintains listed one-, two- and three-bedroom units on Maui.

Three Hawaiʻi Island families closed on units under Ua Hale Aʻela in late 2025, and buyers received assistance through the County of Hawai‘i Deferred Payment Loan program, which provided a 0% interest second mortgage to qualifying buyers. HCA also identifies additional down payment and closing-cost assistance through Hawai‘i Community Lending and offers homebuyer assistance programs, workshops, emergency funds for Native Hawaiians, and support for federal workers and Maui wildfire survivors.

One Ua Hale Aʻela participant, Kawie Kumda, described the personal impact after closing on a unit in Hilo: "Hawaiian Community Assets came into my life at a time when we had nothing saved and no safety net. Alongside my faith, HCA walked with us through a process that felt impossible to face on our own," Kumda said. "Owning our own home was something I never thought was possible. The relief of knowing that you own your place and rent not going up every year or two – that’s a sense of peace that can’t be bought."

HCA describes the program as designed "to break the cycle of housing insecurity by acquiring and repurposing existing homes, providing immediate rentals, and creating a structured pathway for families to become homeowners." Chelsie Evans, identified by HCA as CEO, framed homeownership as a long-term stabilizer: "Homeownership is a key pathway to building generational wealth, community stability, and financial empowerment. Deeply rooted in community, culture, and healing, Ua Hale Aʻela provides lasting stability for our underserved families, and we are excited to expand access to this program."

The purchase price, seller identity, and detailed financing terms for the Ali‘i Kai transaction were not disclosed in HCA materials, and HCA has not specified whether all 28 units will be immediately placed into Ua Hale Aʻela leases or whether renovations will be phased. HCA is the largest HUD-certified housing counseling agency in Hawaii and says each unit it acquires is renovated and designed around the needs of local families as the nonprofit scales its rent-to-own model across the state.