CINCINNATI, July 6, 2007 (PRIME NEWSWIRE) -- Federal Home Loan Bank of Cincinnati President David Hehman announced grants totaling $10.8 million in funds under the Affordable Housing Program (AHP). Program funds will be awarded to 44 member financial institutions in the FHLBank Cincinnati's district of Kentucky, Ohio and Tennessee.
This round of awards helps to support development of $74 million and will provide 810 units of affordable housing. The FHLBank has contributed $250 million toward the creation of over 40,000 units of lower-income housing through its Affordable Housing Program since 1990.
"These awards will bring hope to people throughout our district who desire decent, affordable housing," Mr. Hehman said. "From Cleveland to Memphis, these projects provide needed housing to the elderly, the homeless and those with special 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 million to provide 2,100 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 an $82 billion, triple-A rated regional wholesale bank providing financial services for residential housing and economic development to 742 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.