FHLB Cincinnati's Disaster Reconstruction Program Replenished with $1.2 millionJune 22, 2022
FHLB Cincinnati's Disaster Reconstruction Program (DRP) has been replenished with an additional $1.2 million, bringing the total funding currently available up to $3.0 million. The new funding was approved by the FHLB's Board of Directors on June 16.
The original $5.0 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. As a result of additional financial contributions to the program, more than $6.3 million has been disbursed to help 508 households rebuild.
Given the success of this voluntary program, the Board today approved an additional $1.2 million to continue the program. When combined with the existing $1.8 million still available, the total disaster funds available for immediate use are now $3.0 million. Since inception of the program, the Board has authorized nearly $9.8 million in total for the program.
This additional commitment is consistent with the FHLB’s long history of responding to crises, including providing $3.0 million to help relocate survivors of 2005's Hurricane Katrina to new homes in Kentucky, Ohio and Tennessee.
Members have told us how important the DRP has been in helping their communities recover from natural disasters. If you would like to know more about the program, visit our website or contact Damon v. Allen, Senior Vice President and Community Investment Officer, toll free at 888-345-2246.