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OHA seeks $3 million to expand reserve-backed loan program helping Native Hawaiian homebuyers
Summary
The Office of Hawaiian Affairs requested $3 million over two fiscal years to scale a reserve-backed lending model that reduces down-payment barriers through a partnership with American Savings Bank.
The Office of Hawaiian Affairs asked trustees to approve a $3 million request for fiscal years 2026–27 to expand Ajo, a reserve-backed loan program that places capital on deposit to reduce down-payment requirements for mortgage-ready Native Hawaiian borrowers. The presentation said the program lets approved borrowers purchase homes with as little as 3% down and no private mortgage insurance by holding OHA capital on deposit up to 17% of the home's value in partnership with American Savings Bank.
OHA staff described Ajo as “not a grant” and “not cash assistance,” calling it a…
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