More help is on the way for Lahaina fire survivors looking to rebuild their homes.
The federal government is providing $1.6 billion to help rebuild Lahaina. However, some residents don’t qualify for that funding.
So, the county is partnering with local nonprofits to fund what they call “critical financing gaps.”
They have created a Deferred Payment Loan Program that will help middle-income families who may not qualify for federal funding but are still struggling to rebuild.
“The new program that’s being launched now through the partnership is for homeowners who are above 80% Area Median Income,” said Hawaii Community Lending Executive Director Jeff Gilbreath. “And why that’s important is because those are the homeowners who can’t benefit from the federal funds that are coming available for disaster recovery.”
Gilbreath said the loans won’t have to be paid off if homes are owner occupied. Also, if homeowners decide to sell, they must sell to a local family.
“To ensure that we can keep our local homeowners staying on these properties for generations to come,” said Maui County Managing Director Josiah Nishita.
The county is budgeting $7.5 million for this program, which will be matched by the Hawaii Community Foundation and Maui United Way.
Hawaii Community Lending will administer the program.
“I want Lahaina homeowners to know that they have a home. They have a place to come, where we can walk you through the process. We can make sure that you’re not spending any more money than you need to,” Gilbreath said.
“Our number one goal here for all of our recovery efforts is to keep our community together and keep all of our families home,” Nishita said. “So, if we rebuild buildings but don’t recognize the faces within it, then we really have failed our mission.”
The program is expected to be launched this summer. More specific details will be announced then.
See full article at Hawaii News Now.