Credit unions and nonprofits boost home ownership

The Hawaii Family Finance Project, created by the Council for Native Hawaiian Advancement to serve native and non-native families statewide, is set to launch statewide services. The HFFP has selected six credit unions and two financial education nonprofits as partners to deliver assistance to low- and moderate-income families statewide.

The project will position families to purchase homes anywhere in the state. HFFP has earmarked $600,000 in matching funds for eligible families that are saving to make a down payment on a home or to reduce consumer debt and improve credit scores.  The project also dedicates $150,000 to offset closing costs and $150,000 to work on family credit report scores.  

Project partners will provide free financial education training, one-on-one counseling on household budgeting strategies, filing for eligible tax credits and in-depth assistance on home loan qualifications. They will help families to open and use bank accounts properly to save and manage household income and train them to reconcile monthly account statements.

Partners include the Hawaii Credit Union League, six credit unions, the Hawaii HomeOwnership Center and Hawaiian Community Assets. The project is funded in part over three years through the Community Development Financial Institutions Fund, a pilot program of the U.S. Treasury Department.  Additional funding partners, including Hawaii banks and financial institutions have been asked to join the project to increase the reach to families in communities they do business in. For More Information, contact Kapu Gaison at CNHA, info@hawaiiancouncil.org, (808) 596-8155 or (800) 709-2642 from neighbor islands.