Huntington-financed Affordable Housing Projects Receive Grants From Federal Home Loan Bank
$7.4 million in grants from FHLBank of Cincinnati will support Huntington-financed development of more than 800 affordable housing units
COLUMBUS, Ohio--(BUSINESS WIRE)-- More than 800 affordable housing units will be created or remodeled in Ohio and Michigan thanks in part to financial support from Huntington Bank and the Federal Home Loan Bank of Cincinnati.
The units are part of 13 housing projects that recently received 2014 FHLBank Affordable Housing Program grants of more than $7.4 million. Huntington is providing more than $50 million in financing for the projects, which together total nearly $102 million in development costs.
These Huntington-financed projects received more than one-fourth of the $28 million in grants awarded by the FHLBank of Cincinnati. Huntington worked with other financial institutions involved with financing seven of the developments to help those projects apply for the grants.
Since 2007, Huntington-financed projects — totaling nearly 2,400 housing units — have been the top recipients of grant funding from FHLBank.
The 2014 Huntington-financed, FHLBank grant-supported projects are:
- Columbus – Community Shelter Board’s Van Buren Family Shelter, a $7 million expansion project that will create emergency shelter beds for 192 low-income families. The project received a $1 million FHLBank Affordable Housing Program grant, $200,000 of which was awarded through Huntington.
- Columbus – Community Housing Network, Inc.’s Hawthorn Grove apartments, a $7 million, 40-unit construction project that will house people with mental illnesses. The project received an $850,000 FHLBank Affordable Housing Program grant, half of which was awarded through Huntington.
- Columbus – YWCA of Columbus’ Griswold Building, a $15.4 million renovation of 91 units for people recovering from addiction and mental illness. The project received a $1 million FHLBank Affordable Housing Program grant, half of which was awarded through Huntington.
- Detroit – Morningside Commons, a $732,000 construction project by Habitat for Humanity Detroit that will create five single-family homes. The project received a $50,000 FHLBank Affordable Housing Program grant.
- Cincinnati – Sands Senior Apartments, an $11.4 million construction project by TWG Development, LLC that will create 67 units for seniors. The project received a $640,000 FHLBank Affordable Housing Program grant.
- Youngstown, Ohio – Marian Commons, a $7.1 million, 40-unit project being developed by Compass Family & Community Services, Meridian Community Care and Help Hotline Crisis Center that will provide permanent supportive housing for those with special needs coming out of homelessness. The project received a $700,000 FHLBank Affordable Housing Program grant, $420,000 of which was awarded through Huntington.
- Traverse City, Michigan – Carson Square, a $6.1 million project by Goodwill Industries of Northern Michigan that will create 36 units for low-income individuals and families. The project received a $275,000 FHLBank Affordable Housing Program grant.
- Canton, Ohio – Harmont Park Homes, a $2 million project by ICAN Inc. that will create four single-family homes and nine one-bedroom units in three buildings. The project received a $276,000 FHLBank Affordable Housing Program grant.
- Portsmouth, Ohio – Riverview Retirement Center, a $17.8 million National Church Residences project to rehabilitate the historical 106-unit facility for seniors. The project received a $475,466 FHLBank Affordable Housing Program grant, half of which was awarded through Huntington.
- Springfield, Ohio – Lutheran Social Services of Central Ohio’s Tubman Towers, a $10.6 million rehabilitation of a 99-unit, four-story complex for independent senior living. The project received a $911,000 FHLBank Affordable Housing Program grant, $273,305 of which was awarded through Huntington.
- Yellow Springs, Ohio – Yellow Springs Home Inc.’s C-Street Phase 2, a $370,000 construction project to build two single-family homes. The project received a $50,000 FHLBank Affordable Housing Program grant.
- Piketon, Ohio – Pike Metropolitan Housing Authority’s Shyville Senior Living, a $6.6 million construction project that will create 42 units for seniors. The project received a $420,000 FHLBank Affordable Housing Program grant.
- West Liberty, Ohio – Green Hills Apartments, a $9.5 million project by West Liberty Homes, Inc. that will rehabilitate 76 units for seniors. The project received a $759,924 FHLBank Affordable Housing Program grant, $227,977 of which was awarded through Huntington.
Huntington Bancshares Incorporated (NASDAQ: HBAN and www.huntington.com) is a $66 billion asset regional bank holding company headquartered in Columbus, Ohio. The Huntington National Bank, founded in 1866, and its affiliates provide full-service commercial, small business, and consumer banking services; mortgage banking services; treasury management and foreign exchange services; equipment leasing; wealth and investment management services; trust services; brokerage services; customized insurance brokerage and service programs; and other financial products and services. The principal markets for these services are Huntington’s six-state retail banking franchise: Ohio, Michigan, Pennsylvania, Indiana, West Virginia and Kentucky. The primary distribution channels include a banking network of more than 700 traditional branches and convenience branches located in grocery stores and retirement centers, and through an array of alternative distribution channels including internet and mobile banking, telephone banking, and more than 1,500 ATMs. Through automotive dealership relationships within its six-state retail banking franchise area and selected other Midwest and Northeast states, Huntington also provides commercial banking services to the automotive dealers and retail automobile financing for dealer customers.
About Federal Home Loan Bank of Cincinnati
The FHLBank is a $100 billion congressionally-chartered regional wholesale bank providing financial services for residential housing and economic development to 708 member financial institutions located in Kentucky, Ohio and Tennessee. It has contributed $544 million for the creation of more than 70,000 units of lower-income housing through its Affordable Housing Program since 1990. Additionally, the FHLBank’s Board of Directors has voluntarily contributed over $23 million from profits in response to members’ community needs including natural disaster home reconstruction, foreclosure mitigation, emergency repair and accessibility rehab for special needs and elderly populations. The FHLBank System includes 12 district Banks, is wholly owned by its 7,400 member institution stockholders and does not use taxpayer dollars.
Huntington Bancshares Incorporated
Seth Seymour, 614-480-3538
Source: Huntington Bancshares Incorporated
Released February 3, 2015