FHLB Cincinnati and Fahe Expand Rise Up Program
FHLB Cincinnati’s Rise Up Program, which provides downpayment assistance to first-time, first-generation homebuyers, is now open through the new partner administrator Fahe. Several million dollars in funding is available to benefit homebuyers in Kentucky and central and eastern Tennessee. Fahe will work with FHLB members to provide $25,000 grants to each qualifying household to be used for downpayment, closing costs, or principal reduction assistance.
- Eligible homebuyers must:
- Have at least one borrower certify as a first-generation and first-time homebuyer
- Participate in homeownership education through a HUD-approved counseling agency
- Have a total household income less than or equal to 120 percent of the HUD-defined Multifamily Tax Subsidy Project Income Limit (MTSP) for the county in which they will be purchasing a home
- Eligible properties must be:
- A single-family home (1- to 4-family units)
- Located within Kentucky, central or eastern Tennessee (list of excluded counties)
- Manufactured homes taxed and titled as real estate and attached to a permanent foundation
- Used as a primary residence by the homebuyer
Mortgages for homebuyers in the program must be originated by an FHLB member financial institution or a state housing finance agency and are subject to a five-year retention agreement. Please visit www.fhlbcin.com or contact Fahe at riseup@fahe.org or (859) 228-2152 for more information. An additional announcement will be made in the coming months regarding program administration in western Tennessee.
We look forward to making an impact with first-generation, first-time homebuyers in Kentucky and Tennessee. If you have immediate questions about the program, please contact our Housing & Community Investment Department at 888-345-2246.