Sign In | Create an Account | Welcome, . My Account | Logout | 30 Acts of Aloha | Home RSS
 
 
 

Hawaii Habitat partners with Central Pacific Bank in its Mortgage Financing Program

July 30, 2020
Lahaina News

HONOLULU - Hawaii Habitat for Humanity Association (HHFHA) recently announced the first transaction with a Hawaii bank in its Mortgage Financing Program.

HHFHA completed the sale of mortgages from Habitat for Humanity Maui (HHM) to Central Pacific Bank, which holds the highest Community Reinvestment Act rating of "Outstanding" by the FDIC for helping to meet the credit needs of its local communities.

HHFHA's Mortgage Financing Program provides an opportunity for the five local Habitat organizations to leverage their mortgage assets for cash through the process of selling their 0 percent interest mortgage loans to a financial institution or other institutional investors.

This unique model showcases the benefits that HHFHA, as a statewide support organization, offers to the local Habitat offices in Hawaii - a program that would be difficult, if not impossible, for each organization to develop on their own.

"By streamlining the program through our statewide organization, we offer one program that will benefit five organizations, rather than each of them competing for similar funding on their own," said Jean Lilley, HHFHA's executive director.

"We are especially happy to work with our local banking community and applaud Central Pacific Bank's willingness to lead in this effort."

"We are excited to have a local partner in this program with us," said Sherri Dodson, HHM's executive director.

"This program has provided funding that helps us build capacity to expand our work across Maui County. We have 30 projects coming up, and the funds received through this program will go a long way to supporting our mission."

"We see Central Pacific Bank's role as one of working with our community partners to provide the most effective and far-reaching community support that we possibly can," said Central Pacific Bank Executive Vice President and Chief Financial Officer David Morimoto.

"Hawaii Habitat's Mortgage Financing Program is a creative and innovative approach to leverage its resources. The Mortgage Financing Program ultimately expands Habitat's ability to serve more low-income individuals and families in Hawaii through the stability and foundation of homeownership."

Habitat for Humanity's homeownership model provides low-income families with homes that they build alongside other volunteers.

Habitat partner families then purchase the home for the cost of construction through a 0 percent mortgage that is held by the Habitat affiliate. Mortgage payments are used to build additional homes for more Habitat partner families.

A program like HHFHA's Mortgage Financing Program gives the local Habitat offices the opportunity to leverage tomorrow's funding today.

Habitat for Humanity Maui officially became an affiliate of Habitat for Humanity International in 1997. To date, Habitat has built and renovated 126 homes on Maui, providing safe and affordable homes for over 500 people in the local community.

Habitat Maui serves individuals and families earning between 25 and 80 percent of the median income of Maui County. Its mission is to build decent housing and to renovate substandard housing on Maui in partnership with community volunteers and potential homeowners, so that homelessness and substandard housing on Maui is eliminated. For more information on Habitat for Humanity Maui, visit www.habitat-maui.org.

 
 

 

I am looking for:
in:
News, Blogs & Events Web