OHA, CNHA to help families with credit and homes

The state Office of Hawaiian Affairs is joining an initiative to help local families improve their credit scores and save money with the aim to buy a home. OHA is committing $500,000 to the Hawaii Family Finance Project operated by the nonprofit Council for Native Hawaiian Advancement. The project provides financial education, assistance to improve credit scores and down-payment grants.

OHA's contribution will be dedicated for use by Native Hawaiians. The agency anticipates that its contribution will help 700 Native Hawaiians over 24 months. CNHA launched a similar program for all Hawaii residents earlier this year with federal funding.

For more information, contact one of the project partners: CNHA,  (808) 596-8155 or info@hawaiiancouncil.org; Hawaiian Community Assets, (808) 587-7886 or info@hawaiiancommunity.net; and Hawaii HomeOwnership Center, (808) 523-9500 or info@hihomeownership.org.

The plan for the OHA investment will see an almost a three dollar leverage for every one dollar spent on the project. It will provide hands-on assistance, helping families create plans and strategies to stabilize their finances, reach their goals and owning a home. There will be a savings match component where families that save up to $2,500 will receive $15,000 in matching funds to help with purchasing a house anywhere in the state.