Family Grant Program Launched to Match Savings for Home Purchases and Debt Reduction

Hawaii Family Finance Project

Preparing Hawaii Families for Homeownership and Financial Success

1050 Queen St., Suite 200 Honolulu, Hawaii 96814~800.709.2642~808.596.8155

info@hawaiiancouncil.org ~ www.hawaiiancouncil.org

FOR IMMEDIATE RELEASE:

June 14, 2011

Honolulu, Hawaii – The Hawaii Family Finance Project, funded in part by the U.S. Treasury department and First Hawaiian Bank, has launched a statewide initiative to match savings funds of families to improve credit scores and achieve homeownership.

“Eligible households can apply to receive 4 dollars in matching grant funds for every one dollar saved,” said Lilia Kapuniai, HFFP Project Officer.  “The maximum is $8,000 in match on $2,000 saved by a family, which is a significant boost toward making a down payment on a home.”

In addition to a maximum of $8,000 in grant funds on a home purchase, the project also provides a 1 to 1 matching grant on funds saved to pay down consumer debt and improve credit scores up to $2,000.

“Individual Development Accounts, or IDA’s as they are referred to, are matching grants that help families reach important goals they are saving for,” Kapuniai remarked.  “We created the Hawaii Individual Development Account (HIDA) program under the project for families in every county of Hawaii.”

Three of Hawaii’s most active HUD certified housing counseling agencies are delivering services under the Hawaii Family Finance Project:  Hawaii HomeOwnership Center, Hawaiian Community Assets and the Council for Native Hawaiian Advancement.  To receive free services in homebuyer training, technical assistance, and to apply for HIDA, contact one of the project partners:

Hawaii HomeOwnership Center: 808-523-9500 or info@hihomeownership.org

Hawaiian Community Assets: 808-587-7886 or info@hawaiiancommunity.net

Council for Native Hawaiian Advancement: 808-596-8155 or info@hawaiiancouncil.org

The HFFP and HIDA are programs available to Hawaii families, rural or urban, Oahu or neighbor islands, native or non-native, fee simple or trust land properties.

For more information, contact a project partner today

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