The Individual Development Account (IDA) is an asset-building program for low-income individuals. Funded by the Office of Hawaiian Affairs (OHA), ALU LIKE, Inc. has partnered with Bank of Hawai‘i to offer this asset-building tool to Native Hawaiians around the state.
Since 1999, ALU LIKE, Inc. has offered Individual Development Accounts as a tool to help lower-income families save for the purchase of an asset and enter the economic mainstream. The objective of the program is to assist people with limited means in achieving financial independence and becoming financially self-sufficient by providing the skills to:
• Develop a budget and set goals;
• Establish regular savings habits; and
• Invest in assets.
To ensure post-program stability, qualified individuals will develop budget-making skills through financial literacy, asset goal classes and case management.
Individual Development Accounts are matched savings accounts, designed to help low to moderate income individuals accumulate assets and build wealth for purposes of:
• Post Secondary Education
• Small Business Start-up/Expansion
• Green Appliances
• Rental Security Deposit/First Months Rent
• Vehicle Purchase
• Employment Enhancement
ALU LIKE, Inc.’s IDA program offers a 2:1 match. Which means, for every one-dollar saved by an IDA participant; he/she will receive a two-dollar match up to a maximum $1,000.00.
IDA Program Eligibility Requirements and Guidelines (PDF)
Frequently Asked Questions (PDF)
Hawaii Island Center
32 Kino‘ole Street, #102
Hilo, HI 96720
Kauai Island Center
2970 Haleko Road, #203
Līhu‘e, HI 96766
Lānai Island Center
730 Lāna‘i Avenue, Suite 108
P.O. Box 630667
Lāna‘i City, HI 96763
Maui Island Center
1977 Kaohu Street
Wailuku, HI 96793
Molokai Island Center
Kūlana Ōiwi Multi-Cultural Center
Maunaloa Highway, Kalamaula Bldg D.
P.O. Box 1859
Kaunakakai, HI 96748
Oahu Island Center
Hale O Nā Limahana
458 Keawe Street
Honolulu, HI 96813