CINCINNATI, Dec. 6, 2005 (PRIMEZONE) -- The Federal Home Loan Bank of Cincinnati has been named the 2005 winner of the Governor's Award for Excellence in Affordable Housing, presented by the Ohio Housing Finance Agency. FHLBank president David Hehman will accept the award in Columbus on Tuesday, Dec. 6, at the Seventh Annual Ohio Housing Conference, sponsored by OHFA and the Ohio Capital Corporation for Housing.
The Governor's Award for Excellence in Affordable Housing is presented annually to an organization that goes above and beyond its duties to provide affordable housing opportunities to Ohioans and for its commitment to community development. The organization also exemplifies steadfast leadership, creativity and commitment to affordable housing finance.
"The FHLBank's recent assistance to Gulf Region residents displaced after the natural disaster brought by Hurricane Katrina clearly demonstrated the dedication your agency has for those most in need," said Douglas Garver, OHFA's executive director, referring to the $15 million New Neighbors fund created by the FHLBank to assist hurricane evacuees. "In addition, FHLBank's tailored products and services create housing opportunities for low-income residents and continue to strengthen businesses and communities locally."
"This is a wonderful honor," Mr. Hehman said. "Our efforts would not have gone far without the dedication and energy of the member financial institutions and housing providers who partnered with us to address Ohio's need for affordable housing."
In Ohio, the FHLBank has awarded more than $62 million through its Affordable Housing Program (AHP), to create 12,500 units of housing for lower income people and those with special needs. Those investments have been made in 85 of Ohio's 88 counties, in partnership with 164 member financial institutions and 177 housing providers. The FHLBank also provides the American Dream Homeownership Challenge grant program, which since 2003 has helped 211 minority families buy homes in Ohio. This year, the FHLBank's board of directors created the $15 million New Neighbors fund, to help develop permanent housing for evacuees of this season's devastating hurricanes.
Past recipients of the Governor's Award for Excellence in Affordable Housing include Ohio Capital Corporation for Housing, Ohio Housing Council, Coalition on Homelessness and Housing in Ohio, Fannie Mae of Central and Southern Ohio, and the Council for Rural Housing & Development of Ohio.
The FHLBank is an $76 billion congressionally-chartered wholesale regional bank providing financial services for residential housing and economic development to 744 member financial institutions located in Kentucky, Ohio and Tennessee. It has contributed more than $200 million for the creation of 34,000 units of lower-income housing through its Affordable Housing Program since 1990, and $4 million to help 658 persons become first-time homebuyers through the American Dream Homeownership Challenge. The FHLBank System includes 12 district Banks, is wholly owned by its 8,100 member institution stockholders and does not use taxpayer dollars.