Ka Wai Ola - Office of Hawaiian Affairs, Volume 19, Number 3, 1 March 2002 — Recent developments [ARTICLE+ILLUSTRATION]

Recent developments

The Budget and Fmance Committee over whieh I have had the privilege to serve as chairman, in recent weeks has been able to oversee the finalization of the home building project of Quality Hom.es Pacific in partnership with OHA. This was aeeomplished when the membership agreement between the parties was reviewed by a special attorney for any existing liability or oversight lacks. īt is comforting to know that the questions raised in the review of the project were addressed and the project ean move ahead in the eoming months. Whieh means the potential for providing affordable housing is on track and ean provide a most important need for many beneficiaries in the form of often cited shelter, and whieh is likely the most costly investment a family will make in a lifetime, The other project that ean be of wide benefit, that is being pursued

is that of a home, for OHA after many years of moving its offices from several locations, īt is of note that in recent surveys, beneficiaries strongly supported and recommended that OHA find its own home, īt is gratifying to report that initial inquiries as to a home site has been encouraging, Especially as to good locations that are centrally located with amenities or roads and infrastructure already in plaee, Most important is that these locations are ceded lands or that we have a possible prior interest, The Budget and Finance Committee has been reviewing the OHA investment portfolio and is interested in making adjustments to some investments,Particularly those that are made in the īnternational sector, For a period in the past the international market had some attractive investments, but over the past year that market has been flat or not paying dividends or worse

losing money as many foreign markets are struggling to stay afloat in the global economy, Because the OHA portfolio has only earned 4,81 percent or less than the benchmark of 6,4 percent since September 1997 to December 2001 and is under performing, ī believe an investment change is in order, At a recent OHA meeting addressing investments there was a change from a former one percent real estate investment limit to 15 percent, īt is apparent that this increase in real estate lim.it comes at an opportune time to thihk about applying funds to acquire a new home for OHA, Real estate investments tend to be less affected than stocks and bonds or less volatile in the present bear market, A new home for OHA has the advantage of first, saving OHA almost $1 million a year in rents and at the same time enjoy the ongoing increase in value of real

estate, There is in addition the opportunity to share or rent offices in the new OHA building complex to house other agencies that are renting and who are servicing Hawaiians, An interest ī have is to promote education for a broader class of needy students going to college and how financing ean be generated for these Hawaiian students by using a money matching process where OHA ean match any contributions made to this account, īn the same context, the restoring of a non-prof-it education foundation has started and will be the umbrella organization for these kinds of activities, Any changes in how OHA will continue to operate will not affect my work as ī want to dwell on projects that will benefit a wide selection of beneficiaries and provide for many more opportunities in both partnerships and leveraging of funds. ■

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Charles Ota Trusfee, Maui