OHA announces homeownership program for Native Hawaiians

The Office of Hawaiian Affairs today announced the launch of “AHO”- the Access to Home Ownership program, a new mortgage loan program designed to address Hawaiʻi’s affordable housing crisis and assist 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 and provides structural integrity, support and flexibility. In that same way, the OHA AHO program aims to provide our Native Hawaiian communities with homeownership sustainability and resilience.

As part of the initial phase of the AHO mortgage-backed program, OHA is using $1.5 million to guarantee portions of home loans financed by American Savings Bank to eligible borrowers. The OHA loan guarantee eliminates the monthly mortgage insurance premium typically required for low downpayment 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.

“OHA is taking a bold step to ensure that kānaka can secure a home here in our islands,” said OHA Ka Pouhana Stacy Ferreira. “It takes leadership and the willingness to do things differently to make the transformational change that the lāhui 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. “

“American Savings Bank is committed to improving the supply of and access to affordable housing in Hawaiʻi,” said Billy Pieper, director of Strategic Partnerships at the bank. “We are excited to collaborate with the Office of Hawaiian Affairs on this new low-cost mortgage solution that empowers kamaʻāina to become homeowners and live where they love.”

The AHO Program benefits include a low downpayment option, a below-market interest rate, and a no mortgage insurance requirement.

“With this program, OHA continues to demonstrate its commitment to helping the state address its biggest challenge – affordable housing,” said OHA Board of Trustees Chairperson Kaiali‘i Kahele. “Between our efforts to make workforce housing a reality at Kakaʻako Makai and this new mortgage program, OHA is tackling the issue with multiple solutions.”

Eligible applicants must be first-time homebuyers and owner occupants, residents of Hawaiʻi and registered in OHA’s Hawaiian Registry Program.

Applications will be accepted on a rolling basis and will remain open as long as AHO program funds are available.

For more information, visit www.oha.org/aho