Throughout the pandemic, FHLB maintains commitment to affordable housing
FHLB supports affordable housing, necessary housing repairs, disaster reconstruction and home ownership for very low- to moderate-income individuals through multiple initiatives across our Fifth District states of Kentucky, Ohio and Tennessee.
Affordable Housing Program
FHLB’s flagship competitive Affordable Housing Program provides needed funds to help create affordable housing throughout the Fifth District and beyond. From large rental complexes that provide homes to seniors to individual homes for first time buyers, AHP funds are used each year in a variety of ways to increase the availability and accessibility of affordable housing.
In 2020, FHLB awarded $28.4 million in AHP grants for the creation or preservation of 2,373 units of ownership and rental housing. Among those units, 1,655 will serve the elderly; 168 will serve the homeless and 421 will serve persons with disabilities, including those recovering from substance addiction.
Welcome Home Program
Our most popular program pairs our members with homebuyers to help them secure a new home—often as their first home purchase. The Welcome Home Program offers $5,000 in down payment assistance to low- to moderate-income home buyers. Active duty military and veterans are eligible for $7,500 in grant assistance.
Through Welcome Home, FHLB disbursed $11.1 million for down payment and closing cost assistance for 2,206 homebuyers in 2020.
Carol M. Peterson Housing Fund
The Carol M. Peterson Housing Fund is a voluntary program that provides grants for accessibility rehab and emergency repairs to the homes of the elderly and households with special needs. For many, these funds help them to purchase a new roof or furnace that may be out of reach or build ramps or accessible bathrooms. These repairs help keep individuals in the Fifth District in their homes while ensuring they are safe and accessible places to live. FHLB disbursed $2.1 million to assist 332 households in 2020.
Disaster Reconstruction Program
The Disaster Reconstruction Program is a voluntary program that helps very low- to moderate-income families whose homes were impacted by natural disasters in the Fifth District. Originally created to help those affected by tornadoes in Southwest Ohio, the program has since grown to include assistance for individuals displaced by fires, tornadoes, flooding, landslides or other state or federally declared natural disasters. The program offers $20,000 to help repair and rebuild homes affected by disasters and $5,000 for displaced renters to purchase homes. In 2020, $840,000 was disbursed to 103 households affected by disasters.
 |
"Our housing programs demonstrate our mission and reaffirm our commitment to creating safe, affordable housing throughout our district. Together, we’re helping communities thrive during difficult times." - Damon Allen, SVP, Chief Marketing and Community Investment Officer |