Hawaiian Lending & Investments
The Board Chairwoman of the nonprofit, Hawaiian Lending & Investments (HLI), Faisha Solomon, successfully passed an exam on the United States Department of Agriculture 502 mortgage loan origination program this week. Hawaiian Lending & Investments is a Native Community Development Financial Institution (CDFI) dedicated to access to capital on or near Hawaiian home lands statewide.
“Hawaiian Lending & Investments is an emerging native CDFI with expertise in our trust lands, and we know becoming an expert on mortgage loans suited for our lands has to be a priority,” Solomon said from her Oahu office. “We are packaging U.S. Department of Housing and Urban Development 184a mortgage loans in partnership with 1st Tribal Lending, and now we are moving to package 502 loans so more and more waitlist families will be ready to accept a lease award.”
The United States Department of Agriculture 502 mortgage loan program is considered one of the best mortgage loans in the country for low- and moderate-income rural families. It features low interest rates, amortization schedules of up to 38 years, and has excellent loan loss and foreclosure prevention practices.
“We congratulate Chair Solomon and all of the staff at Hawaiian Lending & Investments for building a loan fund focused on the housing and business needs of our residents on our trust lands and the waitlist,” said Mike Kahikina, Chairman of the Association of Hawaiians for Homestead Lands (AHHL), representing the interest of 28,000 on the Hawaiian homes waitlist. “This is the kind of proactive effort we expected when Hawaiian Lending & Investments was envisioned back in 2018, definitely serving our families on the waitlist.”
Hawaiian Lending & Investments hopes to be packaging loans for a large nonprofit intermediary lender by the end of the year to create greater access to home loan capital for low- and moderate-income families.
“This work is important especially for the waitlist,” said Sybil Lopez, Vice Chair of the Sovereign Council of Hawaiian Homestead Associations (SCHHA). “Our elected leaders at SCHHA called for the creation of Hawaiian Lending & Investments in 2018, and launched this unique loan fund in 2019 to bring our expertise on trust lands together with mortgage finance. It’s one of many answers to helping waitlist families get onto their land and into homes.”
About Hawaiian Lending & Investments
Hawaiian Lending & Investments was founded and sponsored by the SCHHA in 2019 as an emerging Native Community Development Financial Institution (CDFI). Hawaiian Lending & Investments is the only Native CDFI governed entirely by SCHHA enrolled members dedicated to Hawaiian Home Lands and supporting capital flow to homestead families and businesses. For more information, contact firstname.lastname@example.org.