FEDERAL HOME LOAN BANK OF CINCINNATI AWARDS NEARLY $7 MILLION IN GRANTS FOR ACCESSIBILITY AND EMERGENCY REPAIRS

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Federal Home Loan Bank of Cincinnati

Sep 13, 2023, 12:22 ET

Funds will be used to help low-income homeowners in Kentucky, Ohio and Tennessee

CINCINNATI, Sept. 13, 2023 /PRNewswire/ -- The Federal Home Loan Bank of Cincinnati (FHLB) awarded nearly $7 million in grants to low-income homeowners to fund accessibility rehabilitation and emergency repairs for those with special needs or persons over 60. Grants of up to $15,000 were offered to households to build ramps, create accessible bathrooms, replace inoperable furnaces and rebuild roofs through the FHLB's Carol M. Peterson Housing Fund (CMPHF). The nearly $7 million in grant funds awarded represents a significant increase from previous years due to a $12.8 million voluntary contribution by the FHLB Board of Directors to benefit the organization's housing and community investment programs.

In total, 536 households are slated to receive funding through a local nonprofit and FHLB member financial institution. Forty-four nonprofits throughout Kentucky, Ohio and Tennessee worked with 33 different FHLB member financial institutions to ensure these funds are used to help those in need throughout their communities.

"We are focused on meeting the affordable housing needs of Kentucky, Ohio and Tennessee. The Carol M. Peterson Housing Fund remains widely popular as it fills an important gap—giving low-income, special needs homeowners the resources to continue living in their own homes comfortably and safely. Keeping homeowners in their homes is an essential piece of addressing the affordable housing needs in our communities," said Andy Howell, President and CEO, FHLB Cincinnati.

The fund honors its namesake Carol M. Peterson, who headed the FHLB's Housing and Community Investment Department for 25 years. The CMPHF honors Ms. Peterson's passion for the FHLB's housing and community investment programs by addressing the separate problem of how to keep very-low and low-income homeowners in safe and secure homes.

The distributed funds are voluntary and in addition to the FHLB's required 10 percent of net earnings set-aside to fund the organization's AHP. Since the inception of the AHP in 1990, the FHLB has awarded over $849 million in subsidies towards the creation of more than 105,000 units of affordable housing. Details and program guides for all housing programs, including eligibility information, are available at www.fhlbcin.com.

About the FHLB

The FHLB is a AA+ rated wholesale cooperative bank owned by 613 member financial institutions, including commercial banks, thrifts, credit unions, insurance companies and community development financial institutions in Kentucky, Ohio and Tennessee. The FHLB provides members access to products and services (primarily Advances, which are a readily available, low-cost source of funds, purchases of certain mortgage loans from members, and issuance of Letters of Credit to members) and a competitive return through quarterly dividends on their capital investment in the FHLB. The FHLB funds these products and services by raising private-sector capital from member-stockholders and, with the other Federal Home Loan Banks (FHLBanks) in the FHLBank System, issuing high-quality debt in the global capital markets. The FHLB also funds community investment programs that help its members create affordable housing and promote community economic development.

SOURCE Federal Home Loan Bank of Cincinnati