FHLB Cincinnati and United Housing Bring Rise Up Program to Western Tennessee

FHLB Cincinnati’s Rise Up Program (RUP), which provides down payment assistance to first-time, first-generation homebuyers, is now open to eligible homebuyers in western Tennessee through new partner administrator United Housing, Inc. Up to $2 million dollars in FHLB funding is available which will provide $25,000 grants to each qualifying household to be used for down payment, closing costs or principal reduction assistance.

Eligible homebuyers must:

• Have at least one borrower certified 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 the following Tennessee counties: Benton, Carroll, Chester, Crockett, Decatur, Dyer, Fayette, Gibson, Hardeman, Hardin, Haywood, Henderson, Henry, Lake, Lauderdale, Madison, McNairy, Obion, Shelby, Tipton and Weakly (all other counties in Tennessee and all counties in Kentucky can access RUP through partner Fahe).
• 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 our website at www.fhlbcin.com or contact United Housing at riseup@uhinc.org or (901) 728-6932/(901)-728-6936 for more information. 

We look forward to making an impact with first-generation, first-time homebuyers throughout Tennessee and Kentucky. If you have immediate questions about the program, please contact our Housing & Community Investment Department at 888-345-2246.