2024 Affordable Housing Program awards announced

November 25, 2024

The latest round of Affordable Housing Program (AHP) awards was approved by the Board of Directors at its November 21 meeting. A total of 24 members will receive more than $49.5 million in AHP subsidy—marking FHLB Cincinnati's largest grant announcement in AHP history. The grants will help produce 2,743 units of affordable housing for very low- to moderate-income residents. Of 56 project awards, 8 support owner-occupied housing and 48 support rental housing.

"Our members and the affordable housing organizations they support are facing prolonged challenges in developing and rehabilitating affordable housing throughout our region," said Andy Howell, FHLB Cincinnati, President & CEO. "While the current housing crisis will require multi-faceted solutions from funding sources across the country, we are proud to do our part through our largest ever announcement of Affordable Housing Program grants. Since the program's inception, more than $686 million has been disbursed through our members to benefit local nonprofit organizations to help build and rehabilitate housing in the communities we serve."

​FHLB Cincinnati allocates 10 percent of its net income annually to the AHP, which makes housing more affordable for households at or below 80 percent of the area median income. Subsidy is awarded to members through an annual AHP competitive offering and through the Welcome Home Program down payment assistance grants. This 10 percent allocation was enhanced in 2024 by an additional $40.5 million in voluntary funds which went in part to fund the AHP through the down payment assistance program. Additional voluntary funds have supported home rehabilitation for low-income homeowners, disaster reconstruction and first-generation home ownership.

Since the first awards in 1990, the FHLB has disbursed more than $686 million toward nearly 93,000 units of affordable housing through the AHP and Welcome Home Program. These programs have enabled thousands of families to access decent, affordable housing, and we are proud of our record of accomplishment under these programs.

Questions concerning the AHP may be directed to Damon v. Allen, Senior Vice President and Community Investment Officer, toll free at 888-345-2246.

Congratulations to all our  AHP award recipients.