Hawaii Habitat partners with Central Pacific Bank
Hawaii Habitat for Humanity Association announced the first transaction with a Hawaii bank in its Mortgage Financing Program.
HHFHA completed the sale of mortgages from Habitat for Humanity Maui to Central Pacific Bank, which holds the highest Community Reinvestment Act rating of “Outstanding” by the FDIC for helping to meet the credit needs of its local communities.
HHFHA’s Mortgage Financing Program provides an opportunity for the five local Habitat organizations to leverage their mortgage assets for cash through the process of selling their 0 percent interest, mortgage loans to a financial institution or other institutional investors.
This unique model showcases the benefits that HHFHA, as a statewide support organization, offers to the local Habitat offices in Hawaii — a program that would be difficult, if not impossible, for each organization to develop on their own.
“By streamlining the program through our statewide organization, we offer one program that will benefit five organizations, rather than each of them competing for similar funding on their own,” said Jean Lilley, HHFHA’s executive director. “We are especially happy to work with our local banking community and applaud Central Pacific Bank’s willingness to lead in this effort.”
“Habitat Maui has been involved in this program from the beginning. We are excited to have a local partner in this program with us,” said Sherri Dodson, HHM’s executive director. “This program has provided funding that helps us build capacity to expand our work across Maui County. We have a 30 projects coming up and the funds received through this program will go a long way to supporting our mission.”