LEXINGTON, Ky., Oct. 28, 2009 (GLOBE NEWSWIRE) -- Kentucky Housing Corporation celebrated the contributions of the Federal Home Loan Bank of Cincinnati to affordable housing in Kentucky, observing 20 years of the FHLBank's Affordable Housing Program and honoring the bank at the Kentucky Affordable Housing Conference on Wednesday.
The Affordable Housing Program (AHP) 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. Kentucky saw its first AHP grants in 1990, funding rental units and single-family homes for low-income families and homeless in Ashland, Covington and Morehead. In 2009, Kentucky has received $3.9 million in grants in support of 291 units of affordable housing, with another round of funding to be announced later this year. Since 1990, Kentucky has received more than $100 million to help fund the construction of 13,000 units of affordable housing.
"Thousands of Kentucky families have seen their lives improved through the FHLBank's Affordable Housing Program," said Richard L. McQuady, CEO of KHC, which held a ceremony at the conference to congratulate the FHLBank on the anniversary of the AHP. "AHP has become an indispensible resource to the KHC and its housing partners, to help us attract other public and private funds to bring decent, affordable housing to Kentucky."
Mr. McQuady presented an engraved citation to David H. Hehman, CEO of the Federal Home Loan Bank, 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 and supporters from across Kentucky.
"The reason for the AHP's success has been the quality of partners like KHC and the many dedicated housing professionals throughout the commonwealth," Mr. Hehman said. "We plan to use this program to help Kentucky families for many more years to come."
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.