Financial-aid fund
set up for Hawaiians

By Pat Omandam
Star-Bulletin

Low-income native Hawaiians will be able to tap $1.3 million to finance a home, start a business or go to college, under a fund started by several Hawaiian organizations.

Applicants interested in this statewide program, based on individual development accounts, will be able to apply on Dec. 15.

It is a leveraged savings account, in which the saver's deposits are matched with other funds from both private and public sources, allowing savings to build at an accelerated rate compared with traditional savings accounts.

The account can then be tapped when the saver has reached his or her goal.

The program involves the Office of Hawaiian Affairs, Alu Like Inc., the Queen Liliuokalani Children's Center, the Department of Hawaiian Home Lands and the Kamehameha Schools/Bishop Estate.

OHA Chairwoman Rowena Akana said the program will allow these groups to "take longer strides" toward helping the state's native people.

"This is truly an innovative program that allows Hawaiians to reach some measure of personal and financial success," Akana said.

Harvey Kim, vice president and chief operations officer at Alu Like, believes that the program will motivate people to develop financial discipline, which can lead to opportunities in home ownership, education and business.

"This self-discipline really reaps rewards," Kim said.

OHA is working with the agencies to structure the program. Call 594-1930 for more information.