Affordable Housing Program Awards Announced

CINCINNATI, Dec. 5, 2016 /PRNewswire/ -- The 2016 Affordable Housing Program (AHP) awards were approved recently by the FHLB Cincinnati's Board of Directors. A total of 38 members will receive more than $27.6 million in AHP subsidy to help produce 2,062 units of affordable housing for low- to moderate- and very low-income residents. Of 63 project awards, 27 support owner-occupied housing and 36 support rental housing.

The projects funded by this year's subsidy are diverse in both geography and mission. Of the total $27.6 million awarded, $6.3 million will benefit Kentucky; nearly $17.6 will benefit Ohio and nearly $3 million will benefit Tennessee. From a mission perspective, projects will serve low- to moderate- and very low-income homebuyers, first-time homebuyers, those with special needs, substance abuse recovery facilities, the elderly and those coming out of homelessness. Habitat for Humanity affiliates will also receive nearly $3.5 million in subsidy in the Kentucky, Ohio and Tennessee region. Information on all 2016 AHP recipients can be found on the FHLB Cincinnati website at fhlbcin.com.

"Over more than 25 years, our AHP has been steadily providing funds to make lasting change in our region by addressing the needs for affordable housing," said Andy Howell, FHLB Cincinnati, president and CEO. "The $621 million we have awarded since AHP's inception has made a tremendous impact due to the diversity, creativity and integrity of our lenders, program sponsors and their clients and customers."

FHLB Cincinnati allocates 10 percent of its net income annually into the AHP, which makes housing more affordable for persons at or below 80 percent of area median income. Subsidy is awarded to members through an annual AHP competitive offering and through the Welcome Home Program down payment assistance grants.

Since the first awards in 1990, the FHLB has contributed nearly $621 million toward more than 78,500 units of affordable housing through the AHP and Welcome Home Program. The program has enabled thousands of households access to decent, affordable housing.

The Federal Home Loan Bank of Cincinnati is a $102 billion, triple-A rated regional wholesale bank providing financial services for residential housing and economic development to 692 member financial institutions located in the Fifth FHLB District of Kentucky, Ohio and Tennessee. The FHLB System, including 11 district FHLBs, 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.

This news release may contain forward-looking statements that are subject to risks and uncertainties including, but not limited to, the effects of economic market conditions on demand for the FHLB's products, legislative or regulatory developments concerning the FHLB System, competitive forces and other risks detailed from time to time in the FHLB's filings with the Securities and Exchange Commission.  The forward-looking statements speak as of the date made and are not guarantees of future performance. Actual results or developments may differ materially from the expectations expressed or implied in the forward-looking statements, and the FHLB undertakes no obligation to update any such statements.

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SOURCE Federal Home Loan Bank of Cincinnati