A&B and Matson support Na Hale O Maui homeownership program
WAILUKU – Cassandra Abdul, executive director of Na Hale O Maui (NHOM), announced that Hawaii’s first Community Land Trust received a donation of $2,500 from Alexander & Baldwin and a Matson Navigation Company donation of $1,000 to support the Pathway to Homeownership Program.
The goal of the program is to provide guidance and support to prospective homebuyers on their path to owning a home.
Funding will support the NHOM four-step program for prospective homebuyers, including: 1) Attending a Community Land Trust orientation seminar; 2) Attending a HUD-approved Homebuyer Financial Education class; 3) Obtaining a pre-qualification letter from a lender of their choice; and 4) Meeting with staff to review the ground lease, resale formula and homebuyer selection policies and procedures in detail.
Once completed, the prospective homebuyer is placed on the Qualified Buyer List, with the opportunity to participate in NHOM’s Buyer Selection process for available homes.
“Passport to Homeownership is an effective process that informs, educates and prepares prospective homebuyers. All 33 NHOM homeowners were well-prepared for homeownership, remain current on their financial obligations or take advantage of the shared appreciation when selling their home to another income-qualified island family. We have shown that a NHOM homeowner has the ability to move up to a market rate home,” said Abdul.
For more information on NHOM, go to www.Nahaleomaui.org.