FHLB Cincinnati's Disaster Reconstruction Program Replenished with $3.6 MillionJanuary 02, 2019
FHLB Cincinnati's Disaster Reconstruction Program (DRP) has been replenished with an added $3.6 million, bringing the fund to $5 million. The new funding was approved by the FHLB's Board of Directors.
The original $5 million voluntary fund was created in March 2012, following a series of tornadoes that devastated communities in Kentucky, Ohio and Tennessee. Through the fund, households in federally or state-declared natural disasters are eligible to receive grants of up to $20,000 to help repair or replace their homes. Since 2012, the fund has been used to help those affected by tornadoes, floods and other natural disasters. More than $3.4 million has been disbursed to help 223 households recover.
Given the success of this voluntary program, the Board approved an additional $3.6 million to continue the program. When combined with the existing $1.4 million still available under the original authorization, the total disaster funds available for immediate use are now $5 million.
This additional commitment is consistent with the FHLB's long history of responding to crises, including providing $3 million to help relocate survivors of 2005's Hurricane Katrina to new homes in Kentucky, Ohio and Tennessee.