The first major addition of workforce housing on Lanai in over 30 years could break ground late next year following recent approval of a planned subdivision on the former Pineapple Isle.

The Maui County Council voted 8-0 earlier this month to allow Pulama Lanai, the company owned by billionaire Larry Ellison that holds 97% of the island, to develop 150 single-family rental homes, including 76 that must remain affordable in perpetuity for households with moderate incomes.

Pulama’s planned Hokuao project received mostly supportive public testimony, though there were expressions from some Council members that the company overseen by a man whom Forbes ranks as the seventh-richest person on the planet could do more to benefit the community where it is the largest employer.

“While this may not be a perfect project in the eyes of some, it’s still much-needed housing for this community,” said Council­ member Mike Molina. “This is certainly a very, very big step towards addressing the housing crisis on Lanai.”

Gabe Johnson, who chaired three Council Affordable Housing Committee meetings in August when Pulama’s project was discussed, said Hokuao will be a great benefit to the community on Lanai and is worth various exemptions to zoning rules granted by the Council.

“Your committee recognized that Lanai has not had large-scale affordable- housing construction for over 30 years,” he said.

The 76 affordable two- bedroom homes must be reserved for households earning 81% to 140% of Lanai’s median income.

At the low end this equates to $31,060 for a single person, $35,490 for a couple and $44,370 for a family of four. At the high end it equates to $54,350 for a single person, $62,120 for a couple and $77,640 for a family of four.

Projected monthly rents for affordable Hokuao homes range from about $1,000 to $1,750 under county guidelines tied to income.

Also, in return for exemptions, Pulama will preserve low-income rental rates in perpetuity for its existing 39-unit Iwiole Hale townhome apartment complex. A 30-year affordable term tied to Iwiole expired earlier this year.

Market rents for the balance of Hokuao, 74 two-­bedroom homes, would be over $1,800 a month, according to Pulama.

The company has projected that initial homes in the estimated $115 million project, just beyond a developed edge of Lanai City, could be delivered in 2023.