A new mortgage loan program from the Office of Hawaiian Affairs addresses Hawaiʻi’s affordable housing crisis and assists Native Hawaiians in achieving their dreams of homeownership in Hawaiʻi.
In the Hawaiian language, aho is the strong and sturdy cordage that secures the structure of a hale (house) and provides structural integrity, support, and flexibility. Similarly, the Access to Home Ownership program, or AHO, aims to provide our Native Hawaiian communities with homeownership sustainability and resilience.
“The Office of Hawaiian Affairs is taking a bold step to ensure that kānaka can secure a home here in our islands,” said Ka Pouhana (Chief Executive Officer) Stacy Ferreira. “It takes leadership and the willingness to do things differently to make the transformational change that the lāhui (Native Hawaiian people) has been waiting for. We are grateful for the leaders at American Savings Bank who collaborated diligently with us to figure out innovative ways to make home ownership possible.“
As part of the initial phase of the AHO mortgage-backed program, the Office of Hawaiian Affairs is using $1.5 million to guarantee portions of home loans financed by American Savings Bank to eligible borrowers. The loan guarantee eliminates the monthly mortgage insurance premium typically required for low down payment mortgages, potentially saving borrowers hundreds of dollars every month.
For some, this could mean the difference between being able to purchase a home in Hawaiʻi or moving to the continent to purchase a home…