ASB and Federal Home Loan Bank of Des Moines Award $625,000 to Six Hawaii Nonprofits to Advance Affordable Housing and Community Resilience

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Funding will support programs for Lahaina homeowner recovery, affordable housing, financial education and Aala Park revitalization

American Savings Bank (ASB), in collaboration with the Federal Home Loan Bank of Des Moines (FHLB Des Moines), awarded $625,000 to six Hawaii nonprofits through the FHLB Member Impact Fund. This significant contribution represents a quarter of all funds awarded to Hawaii organizations and will support a range of initiatives focused on affordable housing, financial education and community revitalization, including Lahaina homeowner recovery efforts.

“As American Savings Bank celebrates its 100th year of serving Hawaii’s residents, businesses and communities, the generous support from FHLB Des Moines’ Member Impact Fund allows us to maximize our community impact and support organizations providing critical resources across our state,” said Ann Teranishi, president and CEO at American Savings Bank. “At a time when many local families are struggling to make ends meet, these funds will directly improve the supply and access to affordable housing and enhance the quality of life for residents.”

This year, the FHLB Member Impact Fund provided a 1.5x match for every $1 contributed by ASB to the six nonprofits below. In total, ASB and FHLB Des Moines have infused a total of $3.27 million into Hawaii communities over the past three years.

Awards and Initiatives Supported

Aloha United Way

Council for Native Hawaiian Advancement

Hawaii Community Reinvestment Corporation

Hawaiian Community Assets

Holomua Collective

Trust for Public Land

The FHLB Member Impact Fund, created in 2023, provides vital support and funding to not-for-profit and government organizations in Hawaii, Utah and Guam. In total, 56 grants were awarded this year to 19 member financial institutions.

“The Member Impact Fund enables our members to directly support local organizations that matter to them, creating value and a profound impact in their own communities,” said Kris Williams, president and CEO of FHLB Des Moines. “The commitment of our members to champion their local organizations inspires us all.”

In Hawaii, over 50% of renters spend more than 30% of their income on housing. Native Hawaiians continue to face disproportionate rates of homelessness, and only 20% of households can now afford a single-family home, down from 44% in 2021.

“Each year, 15,000 Native Hawaiians with deep roots in Hawaii are forced to leave due to the high cost of living,” said Kuhio Lewis, CEO at the Council for Native Hawaiian Advancement. “With this funding, CNHA can advance the development of 83 single-family homes on Hawaii Island, increasing homeownership opportunities for Native Hawaiians and creating long-term stability. We mahalo ASB and FHLB Des Moines for helping us move this project forward and supporting sustainable community development.”

On May 8, grant recipients were celebrated and recognized at the ASB Campus.