CANTON, OH – September 1, 2010 – (RealEstateRama) — U.S. Sen. Sherrod Brown (D-OH) and Congressman John Boccieri (OH-16) today joined Federal Home Loan Bank (FHLB) of Cincinnati President and CEO David Hehman at the YWCA in Canton to announce $6.1 million in funding for 12 affordable housing projects across Ohio.
“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,” Brown said. “As more Ohioans are displaced from their homes, finding affordable rental units is more important than ever. This important funding from FHLB Cincinnati will develop more than 400 affordable housing units in communities from Canton to Cleveland-helping to create jobs and spur economic development across our state.”
“Canton has suffered disproportionately in our nation’s housing crisis and our community is in great need of this housing investment,” said Boccieri. This funding will go directly toward providing housing for our displaced neighbors right here in Canton.”
Of the $6.1 million in funds announced today, nearly $1.5 million will directly benefit Canton-area projects. The Canton YWCA-the site of today’s announcement-was awarded a grant of $1 million to construct apartments for low-income and special-needs individuals. The Ruthe & Isadore Freed Housing Corporation will also receive $456,000 to construct apartments for similar purposes. In total, the FHLB Affordable Housing Program grants announced today will help to build 403 units of housing across the state, with a total development value of nearly $60 million.
Under the federally-established Affordable Housing Program (AHP), federal home loan banks like FHLB Cincinnati set aside 10 percent of their net earnings to help create affordable housing for low-income and special-needs residents. Since the inception of AHP in 1990, federal home loan banks have created nearly 50,000 units of affordable housing for eligible families and individuals nationally.
A full list of the grant recipients is below.
|Recipient||Project Location||Grant Amount|
|National Church Residences||Columbus, OH||
|New Housing Ohio Inc.||Tiffin, OH||
|TriState Habitat for Humanity||Clermont County, OH; Butler, Boone and Campbell Counties, KY||
|New Housing Ohio Inc.||Lebanon, OH||
|YWCA of Canton Inc.||Canton, OH||
|Ruthe & Isadore Freed Housing Corp.||Canton, OH||
|Integrates Services for Youth Inc.||Athens, OH||
|Licking County Habitat for Humanity||Licking County, OH||
|Emerald Development & Economic Network Inc.||Cleveland, OH||
|Alliance for Children and Families Inc.||Alliance, OH||
|Tender Mercies Inc.||Cincinnati, OH||
|Community Housing Resource Partners Inc.||Cleveland, OH||