In the trust's annual report chairman David Cole, of Queenstown, said the resort still had, ''by most measures'' the highest property prices in New Zealand, even though national statistics ''conceal reality'' by their analysis of house prices across the wider Central Otago region.
''We'd like to say affordability in our district is improving, but despite assisting a growing number of households, our waiting list for eligible families has never been higher.''
Mr Cole said as of July 31, more than 260 eligible families were seeking assistance from the trust and were on a wait list.
''This is what continually challenges trustees as they meet each month to look at ways of providing...long-term independent living for our lower-income, committed workers.''
Mr Cole told the Otago Daily Times the number on the waiting list was of concern and the trust had spoken to the Queenstown Lakes District Council and the Crown about it.
''Our ability to help is limited by our ability to find land and find capital ... the council puts in an operating grant, but most money comes from elsewhere.''
The trust had an interest in 85 properties in the resort and some properties in Wanaka.
Another 54 were planned - 10 at Suffolk St in Arrowtown and 44 at the Shotover Country subdivision.
The bulk title at Shotover Country was expected by year end. However, the trust had to provide infrastructure before the 44 titles could be issued.
That was likely to cost about $2 million, Mr Cole said.
''We would be looking to the Crown for some financial support with that development.
''Over the next year or so you can see the scale of it [the trust's portfolio] starting to make some inroads, but it's not at the rate that trustees would like.
''But...we have to be careful we don't over-stretch ourselves - these things take time.''
While a ''significant milestone'' for the trust in the last financial year was to have Cabinet approve the settlement of the trust's historic income tax liability, it had been an ''expensive and costly distraction for more than four years'', Mr Cole said.
The trust was stripped of its tax-free charitable trust status by the Charities Commission in 2010 and lost a High Court appeal the following year. Inland Revenue then sought more than $6 million from the trust, including significant penalties, dating back to the trusts inception in 2007.
The annual report said a final settlement had been negotiated for $6,012,815 in respect of current and prior financial periods.
A grant of $6,009,337 from the Crown would fund the settlement.
However, Mr Cole told the ODT the Crown was still working through how it was going to provide tax exemptions for housing trusts, including Habitat for Humanity.
Financial reports showed the trust had a gross surplus from property of $116,915 in the 2013-14 year, up from a deficit of $4426 in the previous year.
Its total income was $2,069,488 - $1,226,250 of that from stakeholder contributions, up from $963,731 - and its total surplus was $1,293,473 up from $237,406.
''Overall, funds are growing,'' he said.
