CINCINNATI, Jan. 8, 2014 (GLOBE NEWSWIRE) -- The Federal Home Loan Bank of Cincinnati has appointed three new members to its Affordable Housing Advisory Council, and has reappointed two members. The Board of Directors has appointed Douglas A. Garver, Danny J. Herron and Thomas K. Stone to the Council and reappointed members Don R. Alexander and David L. Kreher, to three-year terms commencing January 1, 2014.
The 15-member Council provides guidance to the Board and staff on housing needs and programs that will enhance the FHLBank's affordable housing and economic development programs in the Fifth District territory of Kentucky, Ohio, and Tennessee. The Council has played an important role in the FHLBank's awarding affordable housing subsidies of more than $500 million since 1990.
Joining the Advisory Council are:
Reappointed to the Advisory Council are:
The FHLBank is a $96 billion congressionally-chartered wholesale regional bank providing financial services for residential housing and economic development to 732 member financial institutions located in Kentucky, Ohio and Tennessee. It has contributed $504 million for the creation of 65,000 units of lower-income housing through its Affordable Housing Program since 1990. Additionally, the FHLBank's Board of Directors has voluntarily contributed over $23 million from profits in response to members' community needs including natural disaster home reconstruction, foreclosure mitigation, emergency repair and accessibility rehab for special needs and elderly populations. The FHLBank System includes 12 district Banks, is wholly owned by its 7,700 member institution stockholders and does not use taxpayer dollars.