$5 million in down payment assistance will be available for qualifying homeowners in Franklin County, Ohio
COLUMBUS, Ohio, May 13, 2024 /PRNewswire/ — The Federal Home Loan Bank of Cincinnati (FHLB) and Homeport will celebrate the launch of the Rise Up program on May 13 at Homeport’s offices in Columbus, Ohio. The Rise Up program, funded by $5 million from FHLB Cincinnati, will offer $25,000 grants to be used for down payment, closing costs or principal reduction assistance for households that qualify in Franklin County.
“Through the Rise Up downpayment assistance pilot program approved by the FHLB Cincinnati Board of Directors, 200 families in Franklin County will have the opportunity to become homeowners for the first time in their family’s history. By focusing on first-time, first-generation home ownership, we look to help create generational wealth among those who have previously encountered barriers that excluded them from the opportunity to own a home,” said Andy Howell, President and CEO, FHLB Cincinnati.
“I applaud the FHLB Cincinnati for addressing the affordable housing crisis with the launch of the Rise Up homeownership grant program, and I am especially gratified that the pilot will be launched in Columbus,” said Congresswoman Joyce Beatty (OH-03). “The Rise Up program takes a meaningful step towards closing the homeownership gap by giving first-generation and first-time homebuyers in Franklin County the boost they need to purchase a home and build generational wealth.”
“We have seen how homebuyer education and down payment assistance helps potential home buyers with obtaining the dream of homeownership and empowers them to face the challenges of homeownership with confidence. We are proud to be the administrator for the FHLB Cincinnati’s Rise Up fund and play such an integral role in bringing more first-generation homebuyers into the market,” said Netta Whitman, Director of Housing Advisory Services, Homeport.
“Homeport is committed to expanding household equity in Central Ohio, not only through our development of affordable homes but also through the administration of down payment assistance and homebuyer education services. Homeownership is a key factor in building generational wealth, and programs such as FHLB Cincinnati’s Rise Up fund are critical in making homeownership more accessible to first-generation buyers, including those earning low to moderate incomes,” said Leah F. Evans, President & CEO, Homeport.
To be eligible for funding, homebuyers must:
- Be a first-generation and first-time homebuyer
- Participate in homeownership education through Homeport or a HUD-approved counseling agency
- Have a household income less than or equal to 120 percent of the HUD-defined Multifamily Tax Subsidy Project Income Limit (MTSP) for Franklin County. The 4-person limit for Franklin County is $123,960 for 2024.
Eligible properties include:
- Single family home (1- to 4-family units)
- Located within Franklin County
- Taxed and titled as real estate
“CONVERGENCE Columbus is proud to support FHLB Cincinnati’s Rise Up program, which will transform the lives of first-generation homebuyers and expand our shared work to create more equitable housing opportunities for our entire community,” said Anna Teye-Kasongo, Director of Community Partnerships at the Affordable Housing Alliance of Central Ohio.
The distributed funds will include $500,000 for Homeport’s program administration and, along with the $5 million in direct grants, are voluntary contributions in addition to the FHLB’s required 10 percent of net earnings set-aside to fund the organization’s Affordable Housing Program (AHP). Since the inception of the AHP in 1990, the FHLB has disbursed over $640 million in subsidies towards the creation or preservation of more than 91,000 units of affordable housing.
About the FHLB
The FHLB is a AA+ rated wholesale cooperative bank owned by 610 member financial institutions, including commercial banks, thrifts, credit unions, insurance companies and community development financial institutions in Kentucky, Ohio and Tennessee. The FHLB provides members access to products and services (primarily Advances, which are a readily available, low-cost source of funds, purchases of certain mortgage loans from members, and issuance of Letters of Credit to members) and a competitive return through quarterly dividends on their capital investment in the FHLB. The FHLB funds these products and services by raising private-sector capital from member-stockholders and, with the other Federal Home Loan Banks (FHLBanks) in the FHLBank System, issuing high-quality debt in the global capital markets. The FHLB also funds community investment programs that help its members create affordable housing and promote community economic development.
Who is Homeport?
Homeport is the leading non-profit developer of affordable housing in Central Ohio. Having served the area since 1987, Homeport owns 3,085 affordable rental apartments and homes in 47 communities. Our 6,529 residents, families and seniors, can access a broad range of services ranging from after school programming to emergency assistance for rent and utilities. Homeport partnerships also link our residents to food, furniture and employment assistance as well as medical and mental health services. Homeport is a leading provider of homebuyer education and budget and credit counseling for Central Ohio.
We are committed to closing the housing gap for low-to-moderate income individuals, families and seniors making 100 percent or less of the area median income, with special emphasis on residents making 60 percent area median income or less.
SOURCE Federal Home Loan Bank of Cincinnati
