Nareit Foundation Awards $180,000 Grant to Build New, Affordable Home on Hawaii Island

10/31/2022 | by

A workforce family will be moving into a new, affordable home on Hawaii Island thanks to a $180,000 grant presented by the Nareit Foundation to the nonprofit Hawaii Island Community Development Corporation (HICDC).

The three-bedroom, two-bathroom, single-family home with a living space of 1,150 sq. ft. is being built on a rural, vacant one-acre lot in Hawaiian Paradise Park. Construction will begin in first quarter 2023 and be completed by the end of the year.

HICDC is building the home using a community land trust, which ensures it will remain affordable in perpetuity. If the home is resold, it will be sold to a homeowner in the same income range.

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What's a REIT?

REITs, or real estate investment trusts, are companies that own or finance income-producing real estate across a range of property sectors. These real estate companies have to meet a number of requirements to qualify as REITs. Most REITs trade on major stock exchanges, and they offer a number of benefits to investors.

Why Invest in REITs

REITs historically have delivered competitive total returns, based on high, steady dividend income and long-term capital appreciation. Their comparatively low correlation with other assets also makes them an excellent portfolio diversifier that can help reduce overall portfolio risk and increase returns. These are the characteristics of real estate investment.

About Nareit

Nareit serves as the worldwide representative voice for REITs and real estate companies with an interest in U.S. real estate. Nareit’s members are REITs and other real estate companies throughout the world that own, operate, and finance income-producing real estate, as well as those firms and individuals who advise, study, and service those businesses.