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Honolulu, Hawaii – The 30^th family has been accepted into the Homestead Individual Development Account (HIDA) Program, created to assist low income families to save for down payments on home purchase. The program designed and operated by the Council for Native Hawaiian Advancement (CNHA) in partnership with Hawaiian Community Assets (HCA) is one of the fist statewide programs dedicated to Hawaiian Home Land projects that match three dollars for every dollar a family saves. Families can receive up to $7,500 in match funds toward a down payment.

“Creating this product became a priority for CHNA based on consultation with our member organizations and the community,” said Robin Danner, CNHA President and CEO. ‘It fills a clear need that makes homeownership possible; it just makes sense to help families achieve this important goal.”

CHNA assembled a team of staff members to develop the product, including strategies that encourage families to participate in life changing savings habits and financial literacy training. The design of HIDA also advances the priorities of the Hawaiian Homes Commission in building residential projects around the state. CNHA partnered with Hawaiian Community Assets, to identify and qualify families for the program. Michelle Kauhane, Executive Director of Hawaiian community Assets said that all of the slots have been filled, but applications will continue to be accepted should additional slots open up. “Savings programs like HIDA are important in today’s high-cost housing market,” Kauhane continued. “Down payments are one of the first barriers that families face in qualifying for home loans. HIDA helps our loan officers to qualify families for the balance of the purchase price.”

The HIDA program is made possible though the Department of Housing and Urban Development (HUD) and it’s office of Native American Programs. The state of Hawaii is the recipient of HUD funds for Native Hawaiians, administered by the Development of Hawaiian Home Lands (DHHL). Savings accounts for each family. A total of 30 slots for low to moderate income families were opened beginning in February 2007. One of the first families to enroll was the Aiwohi family, to save toward the purchase of their home in November being constructed by the Department of Hawaiian Home Lands in its Kaupea project. Colleen Aiwohi has always lived in apartments and truly appreciates the matching funds. “The HIDA program is gong to be a big help for me when it comes to the down payment and closing costs,” says Colleen Aiwohi. “My family is very excited to move into our first house.”

Hawaiian Community Assets and its home loan operation, Hawaii Community Lending (HCL), is one of the state’s only nonprofit mortgage brokers. Generating more than ten million dollars in home loans annually, the HCL originates loans on fee simple and Hawaiian Home Land properties.

CNHA is an advocacy and community development nonprofit with 140 member community organizations in Hawaii and across the nation. CNHA’s serves Native Hawaiian organizations through policy, economic and community development services. For more information about HIDA, contact CNHA at 808.521.5011 or HCA at 808.587.7886 or CLICK HERE!