Columbus, Bexley affordable housing projects get total $640K in grants

Two residential development projects in the Columbus area will get a total $640,000 in grants to help address what local officials are calling an affordable housing crisis.

The Federal Home Loan Bank of Cincinnati recently granted nearly $12.1 million under its Affordable Housing Program to help create 1,537 residential units in five states, including two projects in central Ohio.

FHLB Cincinnati gives 10% of its annual net income to its Affordable Housing Program, which supports making housing less expensive for individuals making $52,500 or less a year or a family of three that makes $67,500 or less.

More:Developer seeks $850K from Franklin County for more affordable housing in Merion Village

Member financial institutions apply for the federal funding “to finance the purchase, construction or rehabilitation of owner-occupied housing for low- or moderate-income households … and rental housing where at least 20% of the units are affordable for and occupied by very low-income households,” according to FHLB Cincinnati.


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