American Savings Bank has invested $4.3 million in homeownership opportunities for Native Hawaiians eligible to reside on Hawaiian Home Lands.
Hawai‘i Community Lending, a nonprofit community development financial institution, will use $4 million of ASB’s investment to offer interim construction loans requiring no down payment to Native Hawaiians across the state. ASB’s investment comes at a time when the Department of Hawaiian Home Lands, under the leadership of new director Kali Watson, plans to spend $600 million in state funds for housing.
In addition to the investment, ASB will provide a $365,000 grant to HCL to support operations of the construction loan fund. ASB leveraged a 2.6-times match from the Federal Home Loan Bank of Des Moines under the Member Impact Fund, a $15 million initiative aimed to increase resources for affordable housing in Hawaii and other underserved states and territories.
Nearly 800 Native Hawaiians with paper leases under DHHL’s Undivided Interest Lessee Program are unable to build homes due to lack of affordable construction financing and infrastructure, according to HCL Executive Director Jeff Gilbreath.
Native Hawaiian families in need of a construction loan on Hawaiian Home Lands can sign up for HCL’s interest list so they can apply for a loan once funding becomes available. To join the list, call HCL at 808-587-7656 or visit HawaiiCommunityLending.com/buy-a-home to complete the contact form.
Maui Specialty Chocolates receives $10,000 grant
In recognition of Asian American and Pacific Islander Heritage Month, Bank of Hawaii has given local business Maui Specialty Chocolates a $10,000 grant from Fiserv Inc. as part of the Fiserv Back2Business program.
Fiserv is a leading global provider of payments and financial services technology solutions and is a Bank of Hawaii technology provider.
Founded by husband and wife Anthony and Valerie Jones in 1990, Kahului-based Maui Specialty Chocolates is a manufacturer of handcrafted treats and well known for its mochi, which is made fresh daily. Bank of Hawaii selected Maui Specialty Chocolates for a Back2Business grant because the owners are well respected within the Maui community. The Joneses also give back to others through a nonprofit organization, Zenshin Daiko, which teaches local youths to play taiko drums.
“This grant will allow us to continue to manufacture our gourmet chocolates and mochi using only the freshest local ingredients,” owner Valerie Jones said. “Our business is a passion project for us, and as a family-run operation this grant is a most welcome surprise. We only sell our products from our store and nowhere else, so our customers are always getting a unique taste of Maui.”
Initially, the Joneses made custom chocolates for luxury resorts and hotels before opening a retail store to sell directly to the public.
