DHHL to get $12.7M homeownership grant

The state Department of Hawaiian Home Lands will receive $12.7 million in federal money to help expand homeownership opportunities and programs for low-income Native Hawaiians.

The U.S. Department of Housing and Urban Development is providing the money through the Native Hawaiian Housing Block Grant program, which HUD said has allowed DHHL to build, acquire or rehabilitate roughly 460 homes since the program began in 2002.

DHHL may use the grant for a variety of initiatives, including infrastructure development and home construction.

The grant also may be used to help homeowners acquire energy-saving systems such as photovoltaic panels and solar water heaters financed by grants and low or no-interest loans.

Improvements or repairs to older homes also can qualify for grant or loan assistance under the program.

To help DHHL beneficiaries buy homes, grant money may be used to provide down-payment assistance, principal reduction subsidies, low- or no-interest loans and matching funds for savings accounts reserved for a home purchase.

DHHL also may use the grant for administrative needs, community policing programs, financial literacy education and foreclosure prevention.

State fund offers $2.5M to conserve land

Private nonprofits and public agencies can compete for up to $2.5 million from a state fund for protecting Hawaii land for its public resource value.

The Legacy Land Conservation Program is seeking applications to preserve private land through purchasing the property or a conservation easement.

State agencies, county agencies and nonprofit organizations may apply.

County agencies and nonprofit applicants must be able to provide at least 25 percent of the total project costs. On average, funded projects usually have about 65 percent in matching funds from federal, county or private sources, according to the commission.

The annual program, which was created in 2005, is financed by a portion of the state’s land conveyance tax.

The commission reviews applications and nominates projects for funding. Awards are subject to budget restrictions and require approvals from the state Board of Land and Natural Resources, the attorney general and governor.

Project summaries must be submitted by Aug. 3, and full applications are due by 4:30 p.m. Sept. 17.

For more information as well as the grant application and instructions, go to hawaii.gov/dlnr/dofaw/llcp or call 586-0921.

Wireless firm to give money to schools

Mobi PCS is launching its new Gear Up and Give Back program today to support schools statewide.

The community is invited to visit any of the 12 Mobi PCS locations around the state to vote for their favorite local elementary, middle, or high school using a custom-designed Web application. All schools are eligible for voting, whether public, charter, private or parochial.

Customers also may visit the company’s 20 authorized dealers to vote for their school of choice.

Voting will continue from today through Aug. 31 and the school with the most votes as of 5 p.m. on the last day will receive a cash donation of $10,000. Second- and third-place schools each will win donations of $5,000.

BofA makes profit, but mortgage woes up

Bank of America can’t shake its mortgage headache.

In a reminder that the consequences from the financial crisis are far from over, the bank said Wednesday that investor disputes over bad mortgages and mortgage-backed bonds have more than doubled from a year ago.

The bank beat Wall Street’s profit expectations for April through June, and executives emphasized that the bank is setting aside less money for bad loans overall, a sign that more customers are paying back loans on time.

But the growing investor claims suggest the mortgage problem, which has already cost the bank more than $13 billion, is growing.

The bank swung to a $2.1 billion profit after it slashed jobs and other expenses.

In last year’s second quarter, the bank lost $9.1 billion, largely because it had to pay $8.5 billion to settle claims from mortgage investors.

IBM’s earnings rise despite falling revenue

ARMONK, N.Y. » IBM’s second-quarter earnings rose 6 percent despite a downturn in revenue amid Europe’s economic jitters.

Churning out higher earnings has become routine for IBM Corp., one of the technology industry’s bellwethers. Wednesday’s report marks the company’s 38th consecutive quarter that its earnings have climbed from the previous year.

IBM earned $3.9 billion, or $3.34 a share, for the second quarter. That compares with net income of $3.7 billion, or $3 a share, at the same time last year.

ON THE MOVE

Prudential Locations has hired:

» Carolyn Kanoho as a Realtor associate, accredited buyer representative and certified residential specialist. She began her career in real estate in 1999.

» Kara Romersa as a new marketing manager. She was previously a marketing communications manager for Hawaiian Telcom.

First Hawaiian Bank Foundation has awarded a $25,000 grant to Hawai‘i HomeOwnership Center. The center provides educational support to first-time homeowners by offering them a variety of resources.

The Hawaiian Eye Center has promoted:

» Jocelyn Morales-Onza to clinical operations manager for its Wahiawa office from ophthal­mic medical assistant/patient services representative.

» Gerrilyn Sylvester to practice administrator for all departments at its Wahiawa and Hilo offices from director of clinical services.

The Historic Hawaii Foundation has presented the "President Commendation" to Louis Fung, Tonia Moy, Don Hibbard, William Chapman and Mayu Ohama of Fung Associates. The award recognizes individuals who have provided extraordinary service to Historic Hawaii Foundation.