July 10, 2003

First Hawaiian Bank Gets Federal Grant To Assist Hawaiian Community Development Board With Housing Project For Hawaiians On Waianae Coast

(Honolulu, Hawaii, July 10, 2003) – First Hawaiian Bank was awarded a $324,526 Affordable Housing Program grant from the Federal Home Loan Bank of Seattle to assist a housing project on the Waianae Coast sponsored by the Hawaiian Community Development Board (HCDB).

The Nanakuli-Waianae Kauhalepono Project will provide 25 new steel-frame, prefabricated modular homes for low-income residents of the Nanakuli-Waianae Hawaiian Homelands areas.  A significant number of homes in these areas have become dilapidated, termite-ridden and substandard, HCDB said. The project is scheduled to commence on July 15, 2003 and be completed by June 2004.

“We’re pleased and proud to be working with HCDB on a project that will improve living conditions for so many families along the Waianae Coast,” said Don Horner, First Hawaiian Bank’s president and chief operating officer.

Kali Watson, HCDB executive director, said “This project will make a difference for a lot of families.   It will make the difference between living under deplorable conditions versus living in a healthy and safe environment. The support and encouragement that this project offers is a new home and a new start.

“The timing of this grant is what makes it so meaningful. The Federal Home Loan Bank is typically one of the first investors in, so in addition to the money, the grant gives our project credibility, momentum and generally acts as a catalyst for attracting more private investment,” Watson said.

Watson said HCDB has worked closely with the Department of Hawaiian Homelands to identify over 100 homes in the project area that are in substandard, dilapidated condition and in need of replacement. HCDB also partnered with the Office of Hawaiian Affairs to startup Quality Homes of the Pacific, a manufacturer of steel-frame homes, which will provide 25 affordable, three- and four-bedroom homes at a total development cost of nearly $3.6 million.

Families that currently live in the Nanakuli and Waianae homestead areas that are interested may contact HCDB for an appointment for a site and financial assessment.  HCDB also plans to work with Nanakuli and Waianae community leaders in identifying families that need assistance.  Individuals or community leaders may call (808) 358-2123.

Watson said HCDB also plans a $5.8-million Community Commercial Center near the housing project to provide a variety of cultural and social services for the area.

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First Hawaiian Bank ($9.3 billion assets) was founded in 1858 and is Hawaii’s oldest bank.  It has 56 branches in Hawaii, three on Guam and two on Saipan.  It is a subsidiary of BancWest Corporation, the largest Hawaii-based bank holding company, with assets of $34.9 billion.

Hawaiian Community Development Board (HCDB) is a community-based non-profit development agency incorporated in 2000 with the express mission of facilitating affordable, suitable homeownership and community development opportunities for Hawaiian Homestead beneficiaries.  Under the leadership of Kali Watson, the former Director of the Department of Hawaiian Homelands (DHHL), and with the support and guidance of a dedicated, knowledgeable Board of Directors comprised of community leaders from throughout Hawaii, HCDB has plans to provide homeownership opportunities for hundreds of Native Hawaiians over the next several years.

The Federal Home Loan Bank of Seattle expands housing and economic opportunities by providing funding and other banking services essential to community-based financial institutions. The bank invests 10 percent of its earnings in projects that support affordable housing development.  One of 12 Federal Home Loan Banks in the nation, the Seattle Bank serves financial institutions in Alaska, Hawaii, Idaho, Montana, Oregon, Utah, Washington, Wyoming, American Samoa and Guam. The Seattle Bank is privately owned and managed with assets of $43 billion. To apply for an Affordable Housing Program grant, visit www.fhlbsea.com for details.