FOR IMMEDIATE RELEASE:
November 11, 2015
CNHA Accepting Applications for Matched Savings Accounts
Kapolei, HI – The Council for Native Hawaiian Advancement has re-opened its HIDA (Hawaii Individual Development Account) Program offering a 2:1 savings match to eligible Native Hawaiians who are saving to purchase a home. The goal of the program is to increase the rate of homeownership within the Native Hawaiian community.
The HIDA program is designed to serve as both a reward and an incentive to further savings habits. To be eligible for a HIDA matched savings account, participants must meet low-moderate area median income limits set by HUD or low wealth limits set by the US Treasury Department. In addition, participants are required to attend CNHA’s financial literacy workshop, complete a HUD-approved homebuyer education training, enroll in housing counseling assistance and save for a minimum of 6 consecutive months. Once enrolled in the HIDA program, a participant can save up to $2,500 t
o receive a 2:1 match of $5,000.
Pictured: The Ka‘auamo ‘ohana purchased their first home through assistance with the HIDA program.
In addition to earning match dollars, program participants learn about budgeting, saving, and the importance of credit. They also receive individualized support and assistance before purchasing a new home. HIDA makes it possible for individuals to build the financial assets they need to achieve the dream of homeownership.
To launch the acceptance of new HIDA applications, CNHA has scheduled its first two financial literacy workshops on Oahu as follows:
Date: November 24, 2015
Time: 6:00pm – 8:00pm
Location: First Hawaiian Bank
999 Bishop Street, Honolulu, HI 96813
9th Floor Conference Room – Parking Validated
Date: November 30, 2015
Time: 6:00pm – 8:00pm
Location: Hale Pono‘i Facility
91-5420 Kapolei Parkway, Kapolei, HI 96707
FREE parking available
Completion of the financial education workshop is required to participate in the HIDA program. Due to the limited number of seats available for each workshop, please email firstname.lastname@example.org to confirm your attendance. For more information on HIDA you may also call (808)596-8155.
CNHA’s HIDA program is offered through a partnership with the Office of Hawaiian Affairs, First Hawaiian Bank and the Wells Fargo Foundation. “We mahalo OHA for the two year grant to provide matched savings incentives to eligible Native Hawaiian families for down payment and closing cost assistance for the purchase of a home”, shared Geri Mendiola. “OHA’s support is critical in bringing greatly needed resources to potential Native Hawaiian homeowners”, she added. First Hawaiian Bank assists with no cost savings accounts while Wells Fargo Foundation provides resources for CNHA to offer financial education and housing counseling services to support homeownership in Hawaii.
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 cultural, economic, political, 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 email@example.com, or at www.hawaiiancouncil.org.
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