First Hawaiian Bank receives Community Spirit Award

First Hawaiian Bank, which over the past 20 years has helped provide $37.9 million in grants and reduced-rate loans to construct 1,150 affordable homes in Hawaii, has become the first bank in the state to receive the Community Spirit Award from the Federal Home Loan Bank of Seattle.

The award, inaugurated in 2003, recognizes a member of the bank’s cooperative that exemplifies the spirit of community partnership in creating affordable housing and economic development in the communities it serves. The award was presented Wednesday to First Hawaiian during a luncheon at the Japanese Cultural Center.

Along with the award, First Hawaiian received a $5,000 donation. First Hawaiian Vice Chairman and Chief Operating Officer Ray Ono said First Hawaiian would match the award and donate $10,000 to support the efforts of U.S. Veterans Initiative, which works with community partners to develop affordable housing options for homeless veterans and their families.

The Federal Home Loan Bank of Seattle, also known as the Seattle Bank, provides its members with access to funding that can be used to make housing, small business and other loans to their customers. In addition, the Seattle Bank provides 10 percent of its annual profits to support affordable housing and offers reduced-rate loans for affordable housing and economic development across the district it serves. The Seattle Bank serves eight states, including Hawaii, as well as American Samoa, Guam and the Commonwealth of the Northern Mariana Islands.

Homeownership in Hawaii has increased to 57 percent in 2010 from just more than 50 percent in 1985, according to the Hawaii Housing Planning Study. Still, the state ranks near the bottom at 48th out of 51 (including Washington, D.C.) housing markets in the country.