KAMUELA, Hawaii–Hawaii First FCU has launched a “Pathways to Rebuilding Lives” program, aimed at helping members who have been affected by lava flows on the Big Island.
The mission of the new program is to explore new housing solutions for displaced residents by reaching out to contractors who are willing to develop “efficiency dwellings,” according to PYMNTS. Efficiency dwellings are small — approximately 400 square feet — and include a kitchen and a carport.
“These smaller homes can provide an alternative housing solution to emergency shelters,” PYMNTS reported. “Because of their size and lower profit potential, however, many traditional lenders do not want to fund loans for these types of properties. That reticence means these homes present a way for CUs and other community-minded organizations to get involved.”
“As a small credit union, we may be able to fund these mortgages,” CEO Laura Aguirre told PYMNTS.
Hawaii First reported it continues to await word from Hawaii County and the state of Hawaii regarding the potential of offering direct access to land parcels for displaced residents. This land would then be used for temporary housing or other relief efforts, PYMTS reported.
More Than Just Homes Damaged
The eruption of Kilauea has damaged more than just homes in the region, with media reports leading many tourists to cancel vacations, which is affecting the income of many residents on the island. Hawaii First has been holding pop-up events to meet with members in person and provide them with financial aid and a fiscal snapshot via its PRL program, Aguirre told PYMNTS.
“Its PRL program then uses financial planning software to help individuals establish their own financial goals based on their unique situation, regardless of how the volcano has impacted those plans,” according to PYMNTS.
The funds range from $500 to $2,000 per family, and are unrelated to any future damage assessment payments. They can be used to help residents make a deposit on a new housing arrangement, make a utility payment or buy basic living supplies, the report added.