American Savings Bank invests more than $4.3 million in Hawaiʻi Community Lending
American Savings Bank have Hawaiʻi Community Lending announced the bank’s $4.3 million investment in homeownership opportunities for native Hawaiians eligible to reside on Hawaiian home lands.
Hawaiʻi Community Lending, a nonprofit community development financial institution, will use $4M of American Savings Bank’s investment to offer interim construction loans requiring no down payment to native Hawaiians across the state.
American Savings Bank’s investment comes at a time when the Department of Hawaiian Home Lands, under the leadership of new director Kali Watson, plans to spend $600 million in state funds for housing.
In addition to the investment, American Savings Bank will provide a $365,000 grant to Hawaiʻi Community Lending to support operations of the construction loan fund. American Savings Bank leveraged a 2.6x match from the Federal Home Loan Bank of Des Moines under the Member Impact Fund, a $15 million initiative aimed to increase resources for affordable housing in Hawai‘i and other underserved states and territories.
“We mahalo ASB for their commitment to housing Hawaiians,” said HCL Executive Director Jeff Gilbreath. “This $4.3 million is just the beginning. It represents a down payment on what we believe will grow into the largest investment of private capital into housing Hawaiian home land beneficiaries since the creation of the trust lands more than 100 years ago.”
According to Gilbreath, nearly 800 native Hawaiians with paper leases under Department of Hawaiian Home Lands’ Undivided Interest Lessee Program are unable to build homes due to lack of affordable construction financing and infrastructure. With Department of Hawaiian Home Lands’ plan to use part of the $600 million allocation from the State for critical infrastructure needs, American Savings Bank’s investment in Hawaiʻi Community Lending will give native Hawaiians new capability to construct and own a home in Hawai‘i.
“We are committed to building on our efforts to expand access to affordable homeownership,” said Ann Teranishi, president and CEO at American Savings Bank. “It is our obligation and privilege to give back to the communities we serve. We are proud to partner with Hawai‘i Community Lending to create positive change for Hawai‘i.”
Native Hawaiian families in need of a construction loan on Hawaiian home lands are encouraged to sign up for Hawaiʻi Community Lending’s interest list so they can apply for a loan once funding becomes available. To join the interest list, call Hawaiʻi Community Lending at (808) 587-7656 or visit HawaiiCommunityLending.com/buy-a-home to complete the contact form.