OHA Presents DHHL with $3M for Housing
Office of Hawaiian Affairs (OHA) Chairperson Haunani Apoliona presented a $3 million check to Hawaiian Homes Commission Chairman Micah Kane in a ceremony this week that highlighted the continued commitment between the two trusts to provide more affordable housing for native Hawaiians while at the same time improving the quality of life for surrounding communities.
Kaulana Park, deputy to the chairman; Chairman Micah Kane and Bobby Hall of the Department of Hawaiian Home Lands (DHHL) accepted a $3 million check from OHA. Photo: Blaine Fergerstrom
Last year, OHA Board of Trustees approved a payment of $3 million a year to cover the debt service for up to 30 years for revenue bonds that will be used for statewide construction projects.
About $42.5 million in revenue bonds were issued in March. The funds will be used to establish infrastructure to build more homes for native Hawaiians, help improve communities throughout the state, and create much-needed jobs during this difficult economy.
"These funds provide a big boost to Hawai`i's economy at a critical time. This financing arrangement will go a long way toward putting people to work and putting more Hawaiian families in homes," Chairperson Apoliona said. "The OHA Board of Trustees is honored to be part of this historic pact that not only improves the conditions of Native Hawaiians but is also good for all Hawai`i nei."
"The partnership between OHA and DHHL shows the Hawaiian trusts can and should play a leadership role in Hawai`i's future," said Hawaiian Homes Commission Chairman Micah Kane. "The economic impact of developing affordable housing, of improving our homestead communities and the surrounding area is important to a better Hawai`i."
The bond issue was made possible when the State Legislature passed and Governor Lingle approved legislation authorizing DHHL to issue up to $100 million dollars in revenue bonds.
The bonds will be used for statewide construction projects and $5 million will be earmarked to fund planning, design and feasibility studies for community-driven projects in the 21 DHHL regions throughout the state.
