(MENAFN- PR Newswire)
Funds to be added to Affordable Housing Program grants that benefit affordable housing development in Kentucky, Ohio, Tennessee and beyond
CINCINNATI, Sept. 21, 2022 /PRNewswire/ -- The Federal Home Loan Bank of Cincinnati's Board of Directors announced a $3 million contribution to benefit affordable housing initiatives. This allocation is in addition to the FHLB's required 10 percent of net earnings set-aside to fund the organization's Affordable Housing Program (AHP).
'I'm grateful that the FHLB Board of Directors will contribute an additional $3 million to increase access to affordable housing throughout the areas we serve. By providing these funds to bolster the long standing success of FHLB Cincinnati's Affordable Housing Program, we'll be able to put this voluntary contribution to work in the communities where it is needed most,' said Andrew S. Howell, President and CEO, FHLB Cincinnati.
Donated funds will be distributed with the FHLB's 2022 Affordable Housing Program general grant fund and recipients of awards will be announced on November 17.
Since the inception of the AHP in 1990, the FHLB has awarded over $829 million in subsidies towards the creation of more than 103,000 units of affordable housing. About the FHLB
The FHLB is a AA+ rated wholesale cooperative bank owned by 617 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
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