The Federal Home Loan Bank of Cincinnati (FHLB) and Homeport, a Columbus, Ohio-based nonprofit housing development, are launching the Rise Up program for qualifying homeowners in Ohio’s Franklin County.
According to the organizations, the Rise Up program is funded by $5 million from FHLB Cincinnati and will offer $25,000 grants to be used for down payment, closing costs or principal reduction assistance for qualified households in its target market. Program participants must be a first-generation and first-time homebuyer seeking a single-family home. Participants must have a household income less than or equal to 120% of the HUD-defined Multifamily Tax Subsidy Project Income Limit (MTSP) for Franklin County. The 4-person limit for Franklin County is $123,960 for 2024.
The distributed funds will include $500,000 for Homeport’s program administration and, along with the $5 million in direct grants, are voluntary contributions in addition to the FHLB’s required 10% of net earnings set-aside to fund the organization’s Affordable Housing Program.
“Through the Rise Up downpayment assistance pilot program approved by the FHLB Cincinnati Board of Directors, 200 families in Franklin County will have the opportunity to become homeowners for the first time in their family’s history,” said Andy Howell, president and CEO at FHLB Cincinnati. “By focusing on first-time, first-generation home ownership, we look to help create generational wealth among those who have previously encountered barriers that excluded them from the opportunity to own a home.”
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