WELCOME HOME PROGRAM HELPS RESIDENTS PURCHASE HOMES

News provided by

Federal Home Loan Bank of Cincinnati

Oct 18, 2023, 14:42 ET

FHLB's down payment assistance program awarded residents
up to $15,000 through community banks

CINCINNATI, Oct. 18, 2023 /PRNewswire/ -- Federal Home Loan Bank of Cincinnati's (FHLB Cincinnati) Welcome Home Program (WHP) is helping residents achieve the dream of owning a home. In 2023, the WHP is projected to award more than $17 million in grant funds to help more than 1,800 households with the costs associated with purchasing a home.

The program offered grants of up to $10,000 to fund down payment and closing costs for low- and moderate-income homebuyers. Active duty military, honorably discharged veterans, reservists and surviving spouses of service personnel were eligible for up to $15,000 in grant funds. Grant amounts in 2023 were the highest in the WHP's history.

The WHP is FHLB Cincinnati's most popular housing and community investment program giving community financial institutions throughout Kentucky, Ohio and Tennessee funds to support prospective homeowners in the areas they serve. As a member of FHLB Cincinnati, over 600 member financial institutions are able to offer the program to their customers.

"The Welcome Home Program provides a valuable resource to our members as they work to turn residents in their communities into homeowners," said Andrew S. Howell, President and CEO, FHLB Cincinnati. "We look forward to seeing how these funds awarded in 2023 make a difference throughout Kentucky, Ohio and Tennessee."

One such homeowner is Melinda Adams. At the age of 56, she was able to purchase her first home on her own with the help of the WHP. Adams received $10,000 through the program.

"The Welcome Home Program helped me come up with the big lump sum to be able to afford the down payment," said Adams. "If it hadn't been for the program, I wouldn't have been able to do it to be honest with you."

The program was available twice this year, first opening in February with a second offering period opening in July. While the program is no longer open for additional requests, its impact is being felt across the three states FHLB Cincinnati serves – Kentucky, Ohio and Tennessee.

Since its inception in 1998, the WHP has disbursed $182.6 million on behalf of more than 37,350 households. The WHP is part of the FHLB's Affordable Housing Program, which has awarded over $859 million in subsidies towards the creation of more than 106,000 units of affordable housing since 1990.

About the FHLB

The FHLB is a AA+ rated wholesale cooperative bank owned by 610 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