CINCINNATI, June 26, 2012 (GLOBE NEWSWIRE) -- Federal Home Loan Bank of Cincinnati President and CEO Andrew S. Howell announced the awarding of 39 grants to 37 projects totaling more than $9.5 million under the FHLBank's Affordable Housing Program (AHP). The funding will allow 26 member financial institutions in the FHLBank Cincinnati's district of Kentucky, Ohio and Tennessee to help create 685 units of affordable housing.
This round of awards includes five grants of $500,000 or more, and 15 grants worth $2.7 million to Habitat for Humanity organizations throughout the Fifth District. This is the first round of grants in 2012. A second round will be announced later this year.
A complete list of the 37 projects approved under the AHP is available at the FHLBank's web site, www.fhlbcin.com. Grant totals by state are:
- Kentucky: 13 awards totaling $2.2 million, to help build 141 units of housing.
- Ohio: 12 awards totaling $4.5 million, to help build 365 units of housing.
- Tennessee: 12 awards totaling $2.8 million, to help build 179 units of housing.
Each year, the FHLBank Cincinnati sets aside 10 percent of net earnings for the congressionally established AHP, which helps create affordable housing for very low-, low- and moderate-income residents. Since the inception of the AHP in 1990, the FHLBank has contributed $450 million toward the creation of nearly 60,000 units of low-income housing.
The Federal Home Loan Bank of Cincinnati is a $62 billion, triple-A rated regional wholesale bank providing financial services for residential housing and economic development to 743 member financial institutions located in the Fifth FHLBank District of Kentucky, Ohio and Tennessee. The FHLBank System, including 12 district FHLBanks and nearly 7,800 members, 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.