NASHVILLE, Tenn., Oct. 20, 2009 (GLOBE NEWSWIRE) -- The Governor's Housing Summit celebrated the contributions of the Federal Home Loan Bank of Cincinnati to affordable housing in Tennessee, observing 20 years of the FHLBank's Affordable Housing Program and honoring the bank on Tuesday.
The Affordable Housing Program was created by Congress in 1989 to support housing for families of low- to moderate-income, and the program has evolved into a critical source of funding for the homeless, the elderly and those with special needs. Tennessee saw its first AHP grants in 1990, funding rental units and single-family homes for families of low-income in Knoxville, Chattanooga and Nashville. In 2009, Tennessee has received $6.6 million in grants in support of 319 units of affordable housing, with another round of funding to be announced later this year. Since 1990, Tennessee has received $70 million to help fund the construction of 8,700 units of affordable housing.
"Thousands of Tennessee families have seen their lives improved through the FHLBank's Affordable Housing Program," said Ted R. Fellman, executive director of the Tennessee Housing Development Agency, which held a ceremony at the Housing Summit to congratulate the FHLBank on the anniversary of the AHP. "The AHP has become an indispensable resource that helps housing providers attract other public and private funds to bring decent, affordable housing to Tennessee."
Mr. Fellman presented an engraved citation to W. Jeff Reynolds, the FHLBank's Vice President for Housing and Community Investment, congratulating the bank "on the 20th Anniversary of the Congressionally Established Affordable Housing Program, creating more than 42,000 units of affordable housing and stimulating over $2.8 billion in community investment." The event was attended by hundreds of housing providers from across Tennessee, as well as representatives of Senators Lamar Alexander and Bob Corker, and Rep. Jim Cooper.
"I congratulate the Federal Home Loan Bank of Cincinnati on 20 years of service to the community through its Affordable Housing Program," said Rep. Cooper (D-TN, 5th Dist.). "The AHP has been a valuable resource providing support for hundreds of Nashville families and hundreds of thousands of families nationwide."
The Federal Home Loan Bank of Cincinnati is an $80 billion, triple-A rated regional wholesale bank providing financial services for residential housing and economic development to 739 member financial institutions located in the Fifth FHLBank District of Kentucky, Ohio and Tennessee. The FHLBank System, including 12 district FHLBanks, was chartered in 1932 by the U.S. Congress to promote housing finance but is wholly owned by its member institution stockholders and does not use taxpayer dollars.
This news release may contain forward-looking statements that are subject to risks and uncertainties including, but not limited to, the effects of economic market conditions on demand for the FHLBank's products, legislative or regulatory developments concerning the FHLBank System, competitive forces and other risks detailed from time to time in the FHLBank's filings with the Securities and Exchange Commission. The forward-looking statements speak as of the date made and are not guarantees of future performance. Actual results or developments may differ materially from the expectations expressed or implied in the forward-looking statements, and the FHLBank undertakes no obligation to update any such statements.