Hawaii Green Infrastructure Authority Board Approves GEMS Loan Deferrals
March 30, 2020
HONOLULU – The Board of Directors of the Hawaii Green Infrastructure Authority (HGIA) approved an emergency postponement of loan payments for GEMS Program direct loans and on-bill loans in an effort to lessen the financial impact of the COVID-19 outbreak on residents and businesses in Hawaii.
The approval allows interested borrowers of loans under the GEMS Program to opt-in to defer payments for up to six months.
“This action will impact over 300 loans administered through HGIA as we hope to provide temporary relief to our low and moderate-income households and other underserved ratepayers who financed the installation of their green infrastructure through the GEMS program,” said HGIA Chairman Mike McCartney.
“HGIA would like to thank the Hawaiian Electric Companies and Concord Servicing Corporation for their assistance in accommodating HGIA’s request to provide loan payment relief to Green Energy Money $aver On-Bill Program participants,” McCartney added.
Concord Servicing Corporation, HGIA’s loan servicer, will be sending loan deferral information to HGIA’s residential portfolio while HGIA will be sending loan deferral information directly to its commercial borrowers.
The HGIA Board approved the deferral of loan payments at its March 27 board meeting. The meeting was held via teleconference due to travel restrictions and social distancing measures, in accordance with COVID-19 precautionary guidelines.