CINCINNATI, Nov. 10, 2010 (GLOBE NEWSWIRE) -- Community Ventures Corporation of Lexington, Kentucky, has been approved for membership at the Federal Home Loan Bank of Cincinnati (FHLBank). Community Ventures Corporation is the first community development financial institution (CDFI) to join the FHLBank since Congress approved CDFI membership in 2008.
"Achieving FHLBank membership is a significant milestone for Community Ventures Corporation," said Kevin R. Smith, President and CEO.
In January 2010, the Federal Housing Finance Agency (FHFA) implemented provisions of the Housing and Economic Recovery Act of 2008 (HERA) that permitted qualifying CDFIs to become members of a Federal Home Loan Bank. CDFIs are private nonprofit and for-profit financial institutions that provide financial services to advance economic development and community revitalization in underserved markets.
Membership in the FHLBank provides Community Ventures Corporation, with a source of low-cost funding to supports its community development initiatives, as well as access to funds from the FHLBank's Affordable Housing Program.
"Membership for CDFIs is important to our mission of supporting community development," said David Hehman, CEO of the FHLBank. "We're pleased to have Community Ventures Corporation as a member of the FHLBank."
About Community Ventures Corporation
Community Ventures Corporation (CVC) is a community-based, non-profit organization that exists to improve the quality of life for urban and rural residents throughout Kentucky. CVC's central mission is to provide individuals and families with the skills, income, and assets they need to achieve financial independence. CVC helps people increase income and build assets with three main strategies: small business ownership, home ownership, and job creation through business expansion. Learn more at .
About the Federal Home Loan Bank of Cincinnati
The FHLBank is a $66 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 $350 million for the creation of 52,000 units of lower-income housing through its congressionally mandated Affordable Housing Program since 1990. An additional $18.6 million has been allocated for voluntary programs to benefit minority homebuyers, those displaced by natural disasters, home buyers with special needs and homeowners at risk of foreclosures. This year $1 million was allocated to the Carol M. Peterson Housing Fund to help build wheelchair ramps for homeowners in the Fifth District. The FHLBank System includes 12 district Banks, is wholly owned by its 8,100 member institution stockholders and does not use taxpayer dollars.
CONTACT: FHLBank Cincinnati Melissa Dallas 513-852-7084 (office) 513-509-6457 (cell) dallasmd@fhlbcin.com Community Ventures Corporation Garry Throckmorton 502-992-9404 gthrockmorton@cvcky.org