The Council for Native Hawaiian Advancement (CNHA) received certification authorizing it to package home loans under the USDA 502 loan program.
“This is such good news,” said Geri Mendiola, CNHA loan fund manager. “The 502 Loan product is one of the best designed home loan products out there, specifically focused on rural families and low-income households”.
The certification came through a Memorandum of Understanding with the Rural Community Assistance Corporation, one of the designated intermediaries at the USDA. The 502 loans feature zero down payment and sliding scale interest rates to create achievable access to capital to purchase homes.
“Increasing the availability of low-cost capital for home ownership was a policy priority at last year’s Annual Native Hawaiian Convention,” said Michelle Kauhane, CNHA president and ceo. “The fact that we are receiving this approval to tap into millions of dollars in 502 loans for Hawaiian families across the state, just a few days from this year’s convention, is incredible.”
CNHA operates a loan fund to assist Native Hawaiians in starting businesses, buying and build homes and to nonprofits to finance capital purchases.
“We know that our homestead association members will be happy about this, as the Homestead Housing Authority launches its tiny homes initiative at the end of the year,” Kauhane continued. “USDA 502 loans are not the only answer, but it is one of many that we will continue to pursue for our people.”
For more information about CNHA call (808) 596-8155 or go online.