Huntington and Partners Among the Recipients of Affordable Housing Funding
Huntington, in collaboration with various housing organizations, received $16.7 million in grants from the Federal Home Loan Bank (FHLB) of Cincinnati through its Affordable Housing Program (AHP), which funds home repair, new construction and down payment assistance projects. The 2024 grant funding will allow Huntington and its partners to develop 16 projects that will give access to 820 quality affordable housing units for more than 1,000 individuals in Ohio and Michigan.
The AHP is a private sector grant funded by FHLBs that helps homeowners with incomes at or below 80% of the area median income (AMI). The funds can also be used to purchase, construct or rehabilitate rental housing projects where at least 20% of the project’s units are targeted to households with incomes at or below 50% of AMI.
Huntington and its partners are among 24 awardees receiving more than $49.5 million in AHP subsidies to help produce more than 2,700 units of affordable housing for very low- to moderate-income residents. Huntington will also provide $110 million in construction financing along with equity and permanent debt on several projects, with most of the capital provided by Huntington’s Community Impact Capital group.
See the full list of FHLB of Cincinnati AHP 2024 grant recipients here.