BEREA, Ky. – The Federal Home Loan Bank of Cincinnati (FHLB) and Fahe have announced the expansion of the Rise Up Program throughout Kentucky. The Rise Up Program, funded by FHLB Cincinnati, will offer $25,000 grants to be used for down payment, closing costs or principal reduction assistance for households that qualify. A total of up to $3 million in funding is available in Kentucky.
“Expanding the Rise Up downpayment assistance program into Kentucky means families throughout the Commonwealth will get the support they need to become homeowners for the first-time. By focusing on first-time, first-generation home ownership, we look to help those who have previously encountered barriers that excluded them from the opportunity to own a home,” said Andy Howell, President and CEO, FHLB Cincinnati.
“At Fahe, we’re proud to expand access to homeownership and bring new resources to qualifying first-time, first-generation homebuyers. Through our partnership with FHLB Cincinnati, we’re able to offer $25,000 in down payment assistance—helping individuals and families who might otherwise have no path to purchase a home. Serving as administrator for the FHLB of Cincinnati’s Rise Up Program is a privilege, and we’re honored to play such an integral role in opening doors for more first-generation homebuyers in our region,” said Jim King, CEO, Fahe.
To be eligible for funding, homebuyers must:
- Have at least one borrower certify as a first-generation and first-time homebuyer
- Participate in homeownership education through 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 the county in which the home is being purchased.
In Calloway County, the income limits below apply:
- 1-person household – $69,360
- 2-person household – $79,200
- 3-person household – $89,160
- 4-person household – $99,000
Eligible properties must be:
- A single-family home (1- to 4-family units)
- Located within Kentucky
- Manufactured homes taxed and titled as real estate and attached to a permanent foundation
- Used as a primary residence by the homebuyer
Homebuyers in central and eastern Tennessee are also eligible for the program through Fahe and western Tennessee can access the program through United Housing, Inc. Funds used for the program are voluntary contributions approved by the FHLB’s Board of Directors. These funds are 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 $697 million in subsidies towards the creation or preservation of affordable housing.
About the FHLB: The FHLB is a AA+ rated wholesale cooperative bank owned by 603 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.
About Fahe: Fahe unites people, organizations, and resources to build and rehabilitate homes, deliver community services, and create a thriving Appalachia by expanding economic opportunity for all. Since 1980 Fahe and our 50+ Members have invested close to $5 billion, changing the lives of more than 1 million people. We are reshaping the future of Appalachia through our Housing Can’t Wait® initiative and the ongoing commitment of our Members and supporters. Learn more at www.fahe.org.
