The Federal Home Loan Bank of Cincinnati’s Disaster Reconstruction Program (DRP) has been replenished with an additional $3.9 million, bringing the total funding currently available to $5 million.
The initial $5 million voluntary fund was created in March 2012 after a series of tornadoes devastated communities in Kentucky, Ohio and Tennessee. Through the fund, households in federally or state-declared natural disasters are eligible to receive grants of up to $20,000 to help repair or replace their homes. More recently, the funds have been used to help rebuild after flooding in eastern Kentucky, tornadoes in Dayton, Ohio and flooding in Waverly, Tennessee.
The distributed funds are voluntary and in addition to the FHLB’s required 10% of net earnings set-aside to fund the organization’s Affordable Housing Program. Since inception of the program, nearly $13.7 million has been authorized to help impacted communities.
“Over the last 12 years, we’ve seen the Disaster Reconstruction Program make a difference in communities throughout Kentucky, Ohio and Tennessee when they have needed it most,” said Andy Howell, president and CEO, FHLB Cincinnati. “DRP funds have helped rebuild homes from the ground up after devastating tornadoes and floods. These additional funds approved by our board of directors will ensure funds are available to continue this important work over the next few years,”