HUD Backs 1st Loan Under Hawaiian Program

The Department of Housing and Urban Development has announced that it will guarantee its first loan under a HUD mortgage program designed to provide more affordable housing and homeownership opportunities to Native Hawaiians.The $3.04 million loan from the Native Hawaiian Loan Guarantee Program Section 184 (A) will be requested by the Department of Hawaiian Home Lands. The loan will be funded by the Native American Lending Division of Wells Fargo Home Mortgage to finance the construction of 20 single-family homes in Waiohuli, Maui, HUD said. The Section 184 (A) program, created in 2001, emphasizes institutional transactions with entities such as DHHL to leverage private mortgage resources to provide Native Hawaiians greater access to mortgage loans for single-family homes on Hawaiian home lands. The dwellings will be available for occupancy in late 2005 by the Native Hawaiian families who purchase the homes, HUD said.