FHLB Cincinnati Adds $3 million to Affordable Housing ProgramSeptember 21, 2022
The Federal Home Loan Bank of Cincinnati’s Board of Directors announced a $3 million voluntary contribution to the Affordable Housing Program (AHP). 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. Funding was made possible due to an increase in Bank earnings in the second quarter of 2022.
Voluntarily contributed funds will be distributed with the FHLB’s 2022 AHP general grant fund and those awarded grants will be announced on November 17.
The additional $3 million contribution will look to increase access to affordable housing throughout the Fifth District. By providing these funds to be distributed through the AHP, they will be awarded through the same rigorous evaluation and scoring process as all AHP funds.
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.
If you would like to learn more about the AHP, visit our website or contact Damon v. Allen, Senior Vice President and Community Investment Officer, toll free at 888-345-2246.