Bank invests $4M in nonprofit to bolster Native Hawaiian homeownership
American Savings Bank has invested $4.3 million in the nonprofit Hawaiʻi Community Lending to help offset costs to put more people on Hawaiian home lands.
The nonprofit will use $4 million to offer interim construction loans requiring no down payment to Native Hawaiians. The remaining $365,000 will be used to operate the construction loan fund.
“This type of partnership does not happen overnight,” Jeff Gilbreath, executive director of Hawaiʻi Community Lending, said in a statement.
The bank leveraged a match from the Federal Home Loan Bank of Des Moines under the Member Impact Fund. The initiative aims to increase resources for affordable housing in Hawaiʻi and other underserved states and territories.
“It requires us to be upfront and clear with one another about our intentions. As we move forward, ASB and HCL continue to have many conversations about how to best support the community," Gilbreath said.
"I feel confident that we can provide interim construction loans to Hawaiian families who deserve them, and over time develop a larger, more extensive partnership that always puts community at the forefront," he said.
Native Hawaiian families in need of a construction loan on for homes on Department of Hawaiian Home Lands can sign up for HCL's interest list. They can do so by calling HCL at (808) 587-7656 or visiting HawaiiCommunityLending.com.