updated 9/2/2010 4:21:41 AM ET 2010-09-02T08:21:41

CINCINNATI, Sept. 1, 2010 (GLOBE NEWSWIRE) -- Federal Home Loan Bank of Cincinnati President and CEO David H. Hehman and Sen. Sherrod Brown (D, OH) today announced more than $6.1 million in funding for 12 affordable housing projects in Ohio.

Today's announcement took place at the headquarters of the Canton YWCA, which was awarded a grant of $1 million from the FHLB Cincinnati toward construction of an apartment building to benefit the area's homeless and special needs households. Also receiving a grant in Canton is the Ruthe & Isadore Freed Housing Corp., which was awarded $456,000 toward construction of a 48-unit multifamily apartment building for homeless and special needs households.

"Too many Ohioans across our state have worked hard and played by the rules, but now find they are unable to pay the rent or their mortgages due to layoffs or reduced hours. As more Ohioans are displaced from their homes, finding affordable rental units is more important than ever," said Brown. "This important funding from FHLB Cincinnati will develop more than 400 affordable housing units in communities from Canton to Cincinnati – helping to create jobs and spur economic development across our state."

The 12 FHLBank Affordable Housing Program grants in Ohio will help to build 403 units of housing across the state, with a total development value of nearly $60 million. Other awards range from two $1 million grants for homeless and special needs housing in Columbus and Cleveland, to Habitat for Humanity builds in Greater Cincinnati and Licking County.

Each year the FHLBank Cincinnati sets aside 10 percent of net earnings for the congressionally established AHP, which helps create affordable housing for very low-, low- and moderate-income residents. The latest round of affordable housing grants comes as the FHLBank observes the 20th anniversary of the Affordable Housing Program through which the FHLBank and its members have responsibly created nearly 50,000 units of affordable housing for eligible families and individuals. AHP contributions of $350 million have helped support nearly $2.8 billion in housing development investments for hundreds of neighborhoods.

For more information on specific awards and details of the AHP programs, visit the FHLBank Cincinnati web site at http://www.fhlbcin.com .

The Federal Home Loan Bank of Cincinnati is a $67 billion, triple-A rated regional wholesale bank providing financial services for residential housing and economic development to 735 member financial institutions located in the Fifth FHLBank District of Kentucky, Ohio and Tennessee. The FHLBank System, including 12 district FHLBanks, was chartered in 1932 by the U.S. Congress to promote housing finance but is wholly owned by its member institution stockholders and does not use taxpayer dollars.

Federal Home Loan Bank of Cincinnati

Affordable Housing Program Awards

First Round 2010, Ohio grants

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