Loan Guarantees for Native Hawaiian Housing

To provide eligible Native Hawaiian families with greater access to private mortgage resources by guaranteeing loans for one-to four family housing located on Hawaiian Home Lands.



Agency - Department of Housing and Urban Development

The Department of Housing and Urban Development's mission is to increase homeownership, support community development and increase access to affordable housing free from discrimination. HUD fulfills this mission through high ethical standards, management and accountability, and by forming partnerships with community organizations.

Website Address

www.hud.gov/codetalk



Program Accomplishments

None.

Uses and Use Restrictions

A loan guaranteed under this part may only be used to construct, acquire, or rehabilitate eligible housing.

The housing must be located on Hawaiian Home Lands for which a housing plan has been determined by HUD to be in compliance with regulations.

Eligibility Requirements

Applicant Eligibility

A Native Hawaiian family; the Department of Hawaiian Home Lands; the Office of Hawaiian Affairs; a private nonprofit organization experienced in the planning and development of affordable housing for Native Hawaiians.

Beneficiary Eligibility

Native Hawaiian homeowners are the beneficiaries of the program.

Credentials/Documentation

Individual Loan Applicants must meet the definitions of Native Hawaiian and provide the eligible lender with documentation of that eligibility, assets, income, debts and liabilities to show ability to obtain and repay the loan.

Aplication and Award Process

Preapplication Coordination

None.

This program is excluded from coverage under E.O.

12372.

Application Procedures

Applications are submitted to eligible financial institutions. With the loan application, the homebuyer submits documentation such as pay stubs, W-2 forms, tax returns, evidence of assets such as bank accounts, and any other documentation requested by the lender to support the applicant's ability to obtain and repay the mortgage. The lender will verify the eligibility of the land status.

Award Procedures

The financial institution obtains and reviews all documentation and submits it to HUD. HUD is responsible for ensuring the individual applicants Native Hawaiian eligibility, land status per Section 204 of the Hawaiian Homes Commission Act, housing acceptability, and the creditworthiness of the applicant. HUD has responsibility for the approval or disapproval of the applicant and the issuance of the loan guarantee. If the loan guarantee funds are available, a firm commitment is issued to the lender. Firm commitments are valid for a period not to exceed 90 days from issuance.

Deadlines

None.

Authorization

Section 514 of the Hawaiian Homelands Homeownership of 2000, Public Law 106-569, added a new Section 184A to the Housing and Community Development Act of 1992, to authorize a new program of loan guarantees for Native Hawaiian housing.

Range of Approval/Disapproval Time

HUD may approve a loan for guarantee under this part and issue a certificate under this section only if HUD determines that there is a reasonable prospect of repayment of the loan.

Appeals

Applicants whose loans are disapproved may appeal the disapproval. Additional documentation to resolve the issues which led to the disapproval may be required.

Renewals

None.

Assistance Considerations

Formula and Matching Requirements

The loan amount will not exceed 97.75 percent of the appraised value of the property or 98.75 percent if the value of the property is $50,000 or less.

Length and Time Phasing of Assistance

The loan term shall not exceed thirty years. Processing time of the individual loans will depend on the quality of the lenders submittal and HUD's ability to ascertain proper land and lease status.

Post Assistance Requirements

Reports

Lenders will be required to report loan delinquencies on a quarterly basis.

Audits

Participating lenders will be subject to review and closed loan files are subject to review to assure compliance with the requirements of Section 184A.

Records

Copies of loan files will be maintained by HUD. The originating lender must maintain copies of the guaranteed loan file for 2 years after loan closing. The servicing lender must maintain the loan file for the life of the loan plus 3 years.

Financial Information

Account Identification

86-0233-0-1-604.

Obigations

(Loan Guarantee/Commitment Level) FY 07, $36,425,000; FY 08 est $41,504,000; and FY 09 est not available.

Range and Average of Financial Assistance

None.

Regulations, Guidelines, and Literature

24 CFR Part 1007.

Information Contacts

Regional or Local Office

None.

Headquarters Office

Headquarters Office: Claudine Allen, PIH/Office of Native American Programs, 500 Ala Moana Boulevard, Suite 3A, Honolulu, HI 96813. Telephone: (808) 522-8175 Ext. 223. E-mail: Claudine.C.Allen@hud.gov.

Criteria for Selecting Proposals

None.



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