CINCINNATI, Dec. 27, 2006 (PRIME NEWSWIRE) -- Federal Home Loan Bank of Cincinnati President David Hehman announced grants totaling $15 million in funds under the Affordable Housing Program (AHP). Program funds will be awarded to 33 member financial institutions in the FHLBank Cincinnati's district of Kentucky, Ohio and Tennessee.
This round of awards includes four $1 million grants to aid the homeless and people with special needs. The FHLBank has contributed $238.5 million toward the creation of 38,833 units of lower-income housing through its Affordable Housing Program since 1990.
"Many of the projects funded in this round help the homeless and those with special needs find decent, affordable housing," Mr. Hehman said. "Our funding helps to create partnerships in communities throughout our district to address affordable housing needs."
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. In 2006, the FHLBank Cincinnati awarded grants totaling $26.5 million to provide 2,097 units of affordable housing.
For more information on specific awards and details of AHP programs, visit the FHLBank Cincinnati web site at http://www.fhlbcin.com.
The Federal Home Loan Bank of Cincinnati is a $79.9 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.