Hawaiʻi Community Lending received a $5 million investment from the Stupski Foundation to expand the nonprofit’s affordable housing fund focused on servicing native Hawaiians. HCL will pool the investment with other public and private capital to grow its revolving loan fund to $20 million.
HCL is a nonprofit community development financial institution founded in 2014 that funds the affordable housing ecosystem in Hawaiʻi from the homebuyer to the home builder to the homeowner.
The organization plans to use the Stupski investment to finance construction loans for native Hawaiians to build on Department of Hawaiian Home Lands. With this investment, HCL aims to house 200 beneficiary families over the next five years directly with the funds.
“This partnership will allow us to meet the demand we see growing on Hawaiian Homelands under the leadership of Department of Hawaiian Home Lands current chair Kali Watson,” said Jeff Gilbreath, executive director, Hawaiʻi Community Lending. “We extend a huge mahalo to the Stupski Foundation for showing leadership in the field with this investment by putting the goal of housing Hawaiʻi’s indigenous people front-and-center, not secondary to financial return.”
The historic investment from the Stupski Foundation will be made to HCL at 0% interest but with a requirement, show return by the number of Hawaiians housed after the five-year term.
“The work of Hawaiʻi Community Lending is vital in addressing equity,” said Glen Galaich, CEO of Stupski Foundation. “When we align resources with community values, weʻre committing to the partnerships that are essential to move us decisively towards that more equitable future for Native Hawaiian communities.”
Native Hawaiian beneficiaries of Hawaiian Homelands in need of construction loans are encouraged to contact Hawai’i Community Lending at HawaiiCommunitylending.com or by calling 808-587-7656.
