HUD No. 05-054
April 22, 2005
HUD BACKS FIRST LOAN UNDER NATIVE HAWAIIAN HOME LOAN PROGRAM
Department of Hawaiian Home Lands to build 20 homes on Maui
WASHINGTON - The U.S. Department of Housing and Urban Development announced today it would guarantee its first loan under a HUD mortgage loan guarantee program created specifically to provide more affordable housing and homeownership opportunities to Native Hawaiians.
"Just as I was proud to announce over 3 1/2 years ago the first $10 million grant under the Native Hawaiian Housing Block Grant Program, I am pleased to see how the Office of Public and Indian Housing has facilitated another first for Native Hawaiians," said Assistant Secretary Michael Liu.
The Department of Hawaiian Home Lands (DHHL) will tap into the Native Hawaiian Loan Guarantee Program Section 184 (A) by requesting a $3,043,160 loan. The loan will be funded by the Native American Lending Division of Wells Fargo Home Mortgage to finance the construction of 20 single-family homes in Waiohuli, Maui.
"This is about providing opportunity," said Assistant Secretary Michael Liu. "An opportunity to provide more affordable housing and homeownership possibilities to Native Hawaiians."
The Section 184 (A) program was created in 2001. The loan guarantee program places an emphasis on institutional transactions with entities such as DHHL, to leverage millions of dollars of private mortgage resources to provide Native Hawaiians with greater access to mortgage loans for single-family homes located on Hawaiian Home Lands. The Section 184 (A) program currently has $157 million in loan guarantee authority.
DHHL has broken ground on the site for the homes and is preparing the land of construction. The dwellings will be available for occupancy in late 2005 by the Native Hawaiian families who purchase the homes.
HUD is the nation's housing agency committed to increasing homeownership, particularly among minorities; creating affordable housing opportunities for low-income Americans; and supporting the homeless, elderly, people with disabilities and people living with AIDS. The Department also promotes economic and community development as well as enforces the nation's fair housing laws. More information about HUD and its programs is available on the Internet and espanol.hud.gov.