COLUMBUS, Ohio, Nov. 17, 2009 (GLOBE NEWSWIRE) -- The Ohio Housing Conference celebrated the contributions of the Federal Home Loan Bank of Cincinnati to affordable housing in Ohio, observing 20 years of the FHLBank's Affordable Housing Program at an awards luncheon 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. Ohio saw its first AHP grants in 1990, funding rentals units and single-family homes for low-income families in the big urban areas of Columbus, Cincinnati, Cleveland, as well as rural towns such as Delta, Lima and Portsmouth. In 2009, Ohio has received $2.1 million in grants in support of 164 units of affordable housing, with another round of funding to be announced later this year. Since 1990, Ohio has received $116 million to help fund the construction of nearly 19,000 units of affordable housing.
"The FHLBank's Affordable Housing Program is an indispensible resource that helps housing providers attract other public and private funds to bring decent, affordable housing to Ohio," said Douglas A. Garver, executive director of OHFA. "In the almost 20 years since Ohio first received an AHP grant, thousands of Ohio families have been given access to safe, quality housing that would not have been available without the funding."
Mr. Garver presented an engraved citation to David H. Hehman, President and CEO of the FHLBank, 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 Ohio, as well as representatives of U.S. Senators Brown and Voinovich and U.S. Representatives Kilroy and Tiberi.
"Ensuring Ohioans have access to affordable and stable housing is critical to the strength of our communities," said Sen. Sherrod Brown said. "I'm pleased to recognize the contributions that the Federal Home Loan Bank's Affordable Housing Program has made in neighborhoods across our state. Now more than ever, affordable home ownership and community development will be key to our state's economic success."
In addition, the FHLBank also announced it has awarded a $200,000 grant to Columbus area partners as part of a $3 million anti-foreclosure program established last year, Preserving the American Dream. Homeowner counseling will be provided by the Columbus Housing Network, which will work with customers of Fifth Third Bank, The Arlington Bank and The Huntington National Bank who are at risk of foreclosure.
"Our members and housing partners told us that in many cases, homeowners needed just a few thousand dollars to become current on their mortgages and stay in their homes," said Mr. Hehman. "Our Board created Preserving the American Dream as one thrust of a larger effort to address affordable housing challenges in our district."
The Federal Home Loan Bank of Cincinnati is a $77 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.