09/26/2022 | Press release | Archived content
Households in 13 Kentucky counties whose homes were damaged or destroyed by severe storms, flooding, landslides and mudslides beginning July 26, 2022, may qualify for grants from the Federal Home Loan Bank of Cincinnati's Disaster Reconstruction Program (DRP) to aid their recovery. In addition, FHLB Cincinnati's Community Investment Program (CIP) and Economic Development Program (EDP) offer discounted Advances that can be used to finance reconstruction of housing, commercial properties and infrastructure following natural disasters.
Eligible counties include:
Homeowners whose homes were damaged or destroyed may be eligible for grants of up to $20,000 toward construction, acquisition or repair of their primary residences. Displaced renters may also be eligible to receive up to $5,000 toward the purchase of a home.
Eligibility rules for those applying for DRP funds include:
The DRP was created by the Board of Directors in 2012, to assist Fifth District residents whose homes are destroyed or damaged due to a natural disaster. Complete information on the fund is available at www.fhlbcin.com.
Discounted Advances are available through two programs to support housing and economic development, in areas with qualifying income and demographic factors. Under the CIP, discounted loans are available to finance the purchase, construction, and/or rehabilitation of housing and economic development projects. Our EDP provides discounted Advances to promote economic development and job creation/retention, also in areas with qualifying income and demographic measures. EDP loans finance commercial, industrial and agricultural projects as well as small business, public facilities, day care and infrastructure projects.
To participate, contact Jill A. Cravens, Housing and Community Investment Officer, or Dawn E. Grace, VP of Housing and Community Investment, toll free at 888-345-2246.