$5 million in
down payment assistance will be available for qualifying
homeowners in Franklin County,
Ohio
COLUMBUS, Ohio, May 13, 2024
/PRNewswire/ -- The Federal Home Loan Bank of Cincinnati (FHLB) and Homeport will celebrate
the launch of the Rise Up program on May
13 at Homeport's offices in Columbus, Ohio. The Rise Up program, funded by
$5 million from FHLB Cincinnati, will
offer $25,000 grants to be used for
down payment, closing costs or principal reduction assistance for
households that qualify in Franklin
County.
"Through the Rise Up downpayment assistance pilot program
approved by the FHLB Cincinnati Board of Directors, 200 families in
Franklin County will have the
opportunity to become homeowners for the first time in their
family's history. By focusing on first-time, first-generation home
ownership, we look to help create generational wealth among those
who have previously encountered barriers that excluded them from
the opportunity to own a home," said Andy
Howell, President and CEO, FHLB Cincinnati.
"I applaud the FHLB Cincinnati for addressing the affordable
housing crisis with the launch of the Rise Up homeownership grant
program, and I am especially gratified that the pilot will be
launched in Columbus," said
Congresswoman Joyce Beatty (OH-03).
"The Rise Up program takes a meaningful step towards closing the
homeownership gap by giving first-generation and first-time
homebuyers in Franklin County the
boost they need to purchase a home and build generational
wealth."
"We have seen how homebuyer education and down payment
assistance helps potential home buyers with obtaining the dream of
homeownership and empowers them to face the challenges of
homeownership with confidence. We are proud to be the administrator
for the FHLB Cincinnati's Rise Up fund and play such an integral
role in bringing more first-generation homebuyers into the market,"
said Netta Whitman, Director of
Housing Advisory Services, Homeport.
"Homeport is committed to expanding household equity in
Central Ohio, not only through our
development of affordable homes but also through the administration
of down payment assistance and homebuyer education services.
Homeownership is a key factor in building generational wealth, and
programs such as FHLB Cincinnati's Rise Up fund are critical in
making homeownership more accessible to first-generation buyers,
including those earning low to moderate incomes," said Leah F. Evans, President & CEO,
Homeport.
To be eligible for funding, homebuyers must:
- Be a first-generation and first-time homebuyer
- Participate in homeownership education through Homeport or a
HUD-approved counseling agency
- Have a household income less than or equal to 120 percent of
the HUD-defined Multifamily Tax Subsidy Project Income Limit (MTSP)
for Franklin County. The 4-person
limit for Franklin County is
$123,960 for 2024.
Eligible properties include:
- Single family home (1- to 4-family units)
- Located within Franklin
County
- Taxed and titled as real estate
"CONVERGENCE Columbus is proud to support FHLB Cincinnati's Rise
Up program, which will transform the lives of first-generation
homebuyers and expand our shared work to create more equitable
housing opportunities for our entire community," said Anna Teye-Kasongo, Director of Community
Partnerships at the Affordable Housing Alliance of Central Ohio.
The distributed funds will include $500,000 for Homeport's program administration
and, along with the $5 million in
direct grants, are voluntary contributions in addition to the
FHLB's required 10 percent of net earnings set-aside to fund the
organization's Affordable Housing Program (AHP). Since the
inception of the AHP in 1990, the FHLB has disbursed over
$640 million in subsidies towards the
creation or preservation of more than 91,000 units of affordable
housing.
About the FHLB
The FHLB is a AA+ rated wholesale cooperative bank owned by 610
member financial institutions, including commercial banks, thrifts,
credit unions, insurance companies and community development
financial institutions in Kentucky, Ohio and Tennessee. The FHLB provides members access to
products and services (primarily Advances, which are a readily
available, low-cost source of funds, purchases of certain mortgage
loans from members, and issuance of Letters of Credit to members)
and a competitive return through quarterly dividends on their
capital investment in the FHLB. The FHLB funds these products and
services by raising private-sector capital from member-stockholders
and, with the other Federal Home Loan Banks (FHLBanks) in the
FHLBank System, issuing high-quality debt in the global capital
markets. The FHLB also funds community investment programs that
help its members create affordable housing and promote community
economic development.
Who is Homeport?
Homeport is the leading non-profit developer of affordable
housing in Central Ohio. Having
served the area since 1987, Homeport owns 3,085 affordable rental
apartments and homes in 47 communities. Our 6,529 residents,
families and seniors, can access a broad range of services ranging
from after school programming to emergency assistance for rent and
utilities. Homeport partnerships also link our residents to food,
furniture and employment assistance as well as medical and mental
health services. Homeport is a leading provider of homebuyer
education and budget and credit counseling for Central Ohio.
We are committed to closing the housing gap for low-to-moderate
income individuals, families and seniors making 100 percent or less
of the area median income, with special emphasis on residents
making 60 percent area median income or less.
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SOURCE Federal Home Loan Bank of Cincinnati