Ka Wai Ola - Office of Hawaiian Affairs, Volume 4, Number 12, 1 December 1987 — Seminar for DHHL Awardees Has Construction Package [ARTICLE]

Seminar for DHHL Awardees Has Construction Package

Earlier this year, persons of Hawaiian ancestry (50 percent or more Hawaiian extraction) were awarded land situated in various parts of the Hawaiian islands, through the Department of Hawaiian Home Lands. To assist the new Hawaiian landowners in constructing homes on their lots, a group of construction and financing industry leaders combined efforts to develop a special construction/financing package.

The cost for constructing a home under this special package is priced at $50,000. The extremely low cost of home construction for the Hawaiian Home Lands was developed under the auspices of the Department of Hawaiian Home Lands and the Department of Housing and Urban Development's Federal Housing Administration, whieh insure community development loans under prescribed conditions. The package was eonceived also to meet requirements of the Federal Community Reinvestment Act, whieh encourages lenders to meet the credit needs of the loeal communities. Under the special program, the building contractor will be funded by a construction loan underwritten by

Servco Financial, and guaranteed by the Department of Hawaiian Home Lands up to $50,000. After eomplehon of the home, the construction loan will be converted into a permanent loan and reamortized over 30 years or until the end of the mortgage loan term (annual adjustments if the construction loan is an adjustable mortgage loan) by International Savings. Building contractors, whieh include Hicks Homes, Savio Development of Blackstone Homes and Robert M. Kaya Builders, ine., are licensed and in good standing with the State of Hawaii.

In order to assist the Hawaiians Home Lands awardees in determining whieh home models and financing packages are most suitable to their needs, International Savings will be holding a seminar on Saturday, December 12, at the Kalakaua Intermediate School Cafeteria, located at 821 Kalihi Street, from 9:00 a.m. to 2:00 p.m. The exhibit will feature Hicks Homes and Blackstone Homes construction models and an experienced loan staff from Servco Financial and International Savings. For more information, eall Luei Chang of International Savings at 544-8466.