HILO, HI (Oct. 23, 2023) – Hawai‘i Community Lending (HCL) is one of eight Native Community Development Financial Institutions (NCDFIs) to receive funding from the U.S. Department of Agriculture (USDA) to expand homeownership opportunities for Native communities. HCL will receive a $2.4-million loan to finance 10 homes, USDA Acting Under Secretary for Rural Development Roger Glendenning announced on Oct. 16.
USDA is providing funding to each institution through the Native CDFI Relending Demonstration Program. This USDA program provides loans to NCDFIs to relend to eligible homebuyers on Native lands. The pilot program is being administered under the Single Family Housing Direct Loan program.
“We are honored to partner with USDA to help provide homes for our native families here in Hawai‘i,” said Jeff Gilbreath, HCL executive director. “The need for affordable housing has never been more crucial to the well-being of native communities, and we mahalo USDA for recognizing and acting on this need.”
USDA is partnering with eight NCDFIs in eight states. In the Midwest, Wisconsin Native Loan Fund is receiving a $1 million loan to finance eight homes. Lake Superior Community Development Corporation in Michigan is receiving a $500,000 loan to finance five homes. White Earth Investment Initiative in Minnesota is receiving an $800,000 loan to finance eight homes. In South Dakota, Mazaska Owecaso Otipi Financial is receiving a $500,000 loan to finance four homes, and Four Bands Community Fund will receive a $1-million loan to finance eight homes. NACDC Financial Services, Inc. in Montana is receiving a $1-million loan to finance 10 homes. Native Community Capital, which services Arizona and New Mexico, is receiving an $800,000 loan to finance 10 homes.
“Well-built, energy-efficient, affordable housing is essential to the vitality of communities in rural and Tribal America,” said USDA’s Glendenning. “Since 1949, USDA has helped provide homes for people living in rural and Tribal communities, and our partnership with Native Community Development Financial Institutions strengthens that legacy.”
To learn more about investment resources for rural areas, visit www.rd.usda.gov or contact the nearest USDA Rural Development state office.
HCL is Hawai’i’s premier nonprofit mortgage lender, helping local and Hawaiian families navigate the path to homeownership. As a trusted financial community partner, HCL was created to fund the affordable housing ecosystem from homebuyer to homebuilder to homeowner. Working to help solve the statewide housing crisis, HCL offers many opportunities and solutions for native Hawaiians to finance their purchase of a home.
For more information and resources for Hawai‘i homebuyers, visit www.HawaiiCommunityLending.com.
