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 Homelands. 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 Wilson,” 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.
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About HCL: Hawai‘i Community Lending is the premier nonprofit mortgage lender navigating local and Hawaiian families on their path to homeownership. Started in 2002 as a mortgage broker under Hawaiian Community Assets and founded as a subsidiary nonprofit in 2014, HCL is a trusted community partner with the expertise to identify ready homebuyers and provide them with down payment assistance, construction financing, and affordable mortgages. As a community development financial institution, HCL uplifts the entire affordable housing ecosystem by providing financial education, affordable loans and grants to homebuyers, homebuilders, and homeowners. For more information, visit www.HawaiiCommunityLending.com.
About Stupski Foundation: Stupski Foundation is a private foundation returning all its assets to the communities it calls home in Hawaiʻi and the San Francisco Bay Area by 2029 to support just and resilient food, health, and higher education systems for all. Learn more at stupski.org
