FEDERAL HOME LOAN BANK OF CINCINNATI WILL OFFER $10.6 MILLION IN GRANTS FOR ACCESSIBILITY AND EMERGENCY REPAIRS

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Federal Home Loan Bank of Cincinnati

Jan 19, 2024, 13:44 ET

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

CINCINNATI, Jan. 19, 2024 /PRNewswire/ -- The Federal Home Loan Bank of Cincinnati (FHLB) will offer $10.6 million in grants to low-income homeowners to fund accessibility rehabilitation and emergency repairs for those with special needs or person over 60 through its Carol M. Peterson Housing Fund (CMPHF). The fund offers households grants in amounts between $5,000 and $20,000. Grant funds will be reserved on a first-come, first-served basis until all funds have been reserved beginning 10:00 a.m. (ET) on February 1, 2024.

All funds are made available to local nonprofits through an FHLB member financial institution. In 2023, 44 nonprofits throughout Kentucky, Ohio and Tennessee worked with 33 different FHLB members to ensure funds were used to help those in need throughout their communities. Since its inception in 2010, the CMPHF has disbursed more than $21 million on behalf of more than 3,100 households.

"We are proud to offer a record level of funding in our 2024 Carol M. Peterson Housing Fund. The increased amount of $10.6 million will work to fill an important gap in the housing needs of our District—giving low-income, special needs homeowners the resources needed to age in their own homes," 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 Affordable Housing Program (AHP). Since the inception of the AHP in 1990, the FHLB has awarded over $895 million in subsidies towards the creation or preservation of more than 109,000 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 609 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