On Oahu where infrastructure is readily available and easily accessible, in 2011 the average cost for DHHL to develop a single family residence was $278,750.  $278,750 x 150 is nearly $42M. https://portal.hud.gov/hudportal/documents/huddoc?id=NATIVEHIHSGBLOCKGRANTS.pdf

Majority DHHL controlled lands are located in rural areas where infrastructure is not readily available so the cost could be double or more.   Infrastructure costs for water, sewer, and electricity, etc. aside, development of roads alone for 350 homes could easily exceed $12M.  

As the former Executive Director of the Council for Native Hawaiian Advancement (CNHA), you should understand the costs involved in DHHL developing homes.  As you may recall, you were quite involved in DHHL discussions in 2011 when current CNHA Executive Director, Michelle Kauhane was Deputy to the DHHL Commission Chair, Alapaki Nahalea.   https://dhhl.hawaii.gov/wp-content/uploads/2011/05/HHC-MINS-12-12-11.pdf

Your comment makes one wonder...