Paul Cheng, a Texas developer with a criminal past, says he'll use the money to construct phase one of Pulelehua, the island's largest affordable housing project in decades.
The Lahaina businesswoman had made prior arrangements with the Red Cross but says she's not inclined to fight its decision since the program is winding down anyway.
The power company says it was Maui that failed to control vegetation and fumbled the response that allowed devastating fires to sweep through Lahaina in August.