Local Families Save $91,368 toward home purchases

FOR IMMEDIATE RELEASE:

August 30, 2010

Local Families Save $91,368 toward home purchases

HONOLULU, HI – Homestead families across the state have been saving money and building their finances thanks to the Department of Hawaiian Home Lands (DHHL) and the nonprofit, Council for Native Hawaiian Advancement (CNHA).  DHHL provided grant funding to CNHA for its Homestead Individual Development Accounts Program (HIDA) designed to assist low to moderate income families to save for down payments and complete a home purchase.  The statewide savings match program is for Hawaiian Homestead families and has recently reported exceptional results.

“To date, we worked with 41 families in which 19 participants with a combined savings of $54,918.00, plus $142,500.00 in match funds moved into new homes” said Rosalee Puaoi, CNHA Community Development Specialist and manager of the program, “41 HIDA participants saved $91,368, most remaining families have met program savings goals and/or continue to save.”

The objective of the HIDA program is to encourage low-to moderate-income families to save for down payments for home purchases on Hawaiian Home Lands.  Through funding by the Native American Housing and Self Determination Act (NAHASDA) CNHA worked with over 41 families to fill 30 HIDA accounts.  Participants will receive 3:1 matched savings up to $10,000.  Through financial literacy training, one-on-one counseling, home loan qualifications and access to other services HIDA Program participants become homeowners.

“These types of asset building and saving programs are powerful pathways to achieving homeownership,” said Robin Puanani Danner, CNHA President and CEO.  “Our collaboration with the Nonprofit, Hawaiian Community Assets, doing financial training, with First Hawaiian Bank for deposit accounts and DHHL in providing the match funding is achieving goals for families located all across the state.”

CNHA is a national network of Native Hawaiian Organizations, providing assistance in accessing capital and technical resources, and is a policy voice on issues important to Native Hawaiian communities. Its mission is to enhance the well-being of Hawaii through the cultural, economic, and community development of Native Hawaiians.  For more information about CNHA please contact us at 808.596.8155, toll-free at 1.800.709.2642, by e-mail at info@hawaiiancouncil.org, or visit our website at www.hawaiiancouncil.org.

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