Local banks land more than $3M for affordable housing

Workers put the finishing touches on a Habitat for Humanity home project in November. Habitat for Humanity of Greater Dayton will receive a $225,000 grant from the Federal Home Loan Bank of Cincinnati to construct eight and acquire and rehab two single-family homes in Dayton for low-income, first-time homebuyers. Photo/Provided
Caption
Workers put the finishing touches on a Habitat for Humanity home project in November. Habitat for Humanity of Greater Dayton will receive a $225,000 grant from the Federal Home Loan Bank of Cincinnati to construct eight and acquire and rehab two single-family homes in Dayton for low-income, first-time homebuyers. Photo/Provided

The Federal Home Loan Bank of Cincinnati recently awarded about $3.6 million in grants to member financial institutions in the Dayton area to help develop 234 units of affordable housing.

The grants include:

* $1 million to help construct 40 multifamily rental units in Kettering for very low-income households, 35 of which will be dedicated to residents with special needs or who are transitioning out of homelessness. The grant was awarded to The Huntington National Bank and the Ohio Capital Finance Corp. for the benefit of Miami Valley Housing Opportunities Inc. in Dayton.

* A $704,293 grant to construct 50 multifamily rental units in Springfield, reserved for low- and very low-income tenants with special needs. The grant was awarded to RiverHills Bank of Milford for the benefit of Neighborhood Housing Partnership of Greater Springfield.

* A $649,935 grant to help acquire and rehabilitate 65 multifamily rental units in Dayton for low- and very low-income households, 56 of which will have special needs. The grants were awarded to the KeyBank of Cincinnati and the Ohio Capital Finance Corp. for the benefit of the YWCA Dayton.

* A $550,000 grant to help construct 55 multifamily rental units in Dayton for very low- and low-income elderly tenants, 28 of which will have special needs. The grant was awarded to Ohio Capital Finance Corp. and the Huntington National Bank for the benefit of County Corp.

* A $249,999 grant to construct six single-family rental units in Yellow Springs for low- to very low-income tenants with special needs. The grant was awarded to the Huntington National Bank for the benefit of Yellow Springs Home Inc.

* A $225,000 grant to construct eight and acquire and rehab two single-family homes in Dayton, for purchase by low- and very low-income first-time homebuyers. The grant was awarded to Civista Bank of Sandusky, Ohio for the benefit of Habitat for Humanity of Greater Dayton.

* A $200,000 grant to help acquire and rehab eight single-family rental homes in Dayton for very low-income households, seven of which have special needs and two of which will be coming out of homelessness. The grant was awarded to Park National Bank for the benefit of Sanclare Properties.

The grants are among more than $27.6 million in funds awarded under the Affordable Housing Program to 38 member financial institutions in The Federal Home Loan Bank of Cincinnati’s district of Kentucky, Ohio and Tennessee. The bank is one of 11 government-sponsored banks that provide funding to member financial institutions to support housing finance and community investment.