USDA partners with local lender to expand access to homes in rural Hawaiʻi
The U.S. Department of Agriculture’s has entered into an agreement with Hawaiʻi Community Lending to expand access to homes in rural Hawaʻi for low and very-low income residents.
The agreement enables the USDA’s Rural Development agency and Hawai’i Community Lending to participate together to provide long-term financing to qualified applicants to build and/or purchase modest, decent, safe and sanitary homes in rural areas throughout the state.
“With the combined resources of Rural Development and Hawaii Community Lending, we are able to offer affordable home financing to low and very-low income families in rural communities across the state,” said Chris Kanazawa, director of Rural Development Hawaiʻi/Western Pacific.
The partnership will include outreach meetings, training opportunities, and other activities to ensure the community is aware of the affordable financing through Rural Development’s Section 502 Direct Loan program.
The program provides payment assistance, which is a type of subsidy that reduces the mortgage payment for a short time. The amount of assistance is determined by the adjusted family income.
Hawaiʻi Community Lending provides homebuyers access to grants and consumer and affordable housing loans to assist with mortgage qualifying, including deferred payment, no-interest mortgage financing funded with public grant monies.
To assist very-low and low-income families in becoming mortgage qualified, the lender will use deferred payment, no-interest mortgage financing to increase their ability to build and/or purchase homes in the current marketplace.
If you are interested in the Section 502 Direct Loan Program, go to www.rd.usda.gov/programs-services/single-family-housing-programs/single-family-housing-direct-home-loans
Under the Biden-Harris Administration, Rural Development provides loans and grants to help expand economic opportunities, create jobs and improve the quality of life for millions of Americans in rural areas. This assistance supports infrastructure improvements; business development; housing; community facilities such as schools, public safety, and health care; and high-speed internet access in rural, Tribal and high-poverty areas.