Huntington Bank Announces Federal Home Loan Bank Grant-Supported Partner Projects for 2014
$2.6 million in FHLB Cincinnati November Affordable Housing Program grants will support Huntington partner development of 255 units in Ohio, Michigan and Indiana
COLUMBUS, Ohio--(BUSINESS WIRE)-- Huntington Bank (www.huntington.com) and the Federal Home Loan Bank of Cincinnati are supporting $36 million in eight affordable housing projects in Ohio, Michigan and Indiana. The projects were awarded FHLB Affordable Housing Program grants of over $2.6 million in November which complements $28 million in intended Huntington financing toward the creation of a total 255 affordable housing units.
The FHLB Cincinnati grant-supported Huntington projects announced in 2013 are:
- Columbus – YWCA Columbus Griswold Building Renovation, a $14.5 million rehabilitation of 90 units at the 65 S. Fourth St. housing center for women in transition. The project received a $600,000 FHLB Cincinnati Affordable Housing Program (AHP) grant.
- Columbus – Hawthorn Grove apartments, sponsored by Community Housing Network Inc., construction of a $6.1 million, 40-unit complex for persons with disabilities. The project received a $500,000 FHLB Cincinnati AHP grant.
- Cincinnati – City Gospel Mission’s York Street center, a $1.3 million, 36-unit shelter for special needs that is part of a larger campus development at York Street and Dalton Avenue. The project, also supported by 3CDC, received a $540,000 FHLB Cincinnati AHP grant.
- Louisville, Ohio – Stone Ridge Village, sponsored by ICAN Housing Solutions and developer Testa Builders, a $7.6 million, 40-unit senior housing development in Stark County. The project received a $400,000 FHLB Cincinnati AHP grant.
- Anderson, Ind. – Parkview Place, sponsored by Episcopal Retirement Homes, a $4.8 million, 30-unit senior housing development on the upper floors of the Anderson YMCA. The project received a $299,970 FHLB Cincinnati AHP grant.
- Findlay, Ohio – A $600,000, 12-unit special needs housing project for persons with disabilities sponsored by Century Health Inc. and the Hancock County ADAMHS Board. The project received an $180,000 FHLB Cincinnati AHP grant.
- Detroit – A $713,700, five-home Habitat for Humanity Detroit development in the Morningside Commons neighborhood. The project received a $50,000 FHLB Cincinnati AHP grant.
- Yellow Springs, Ohio – A $370,000 two unit home ownership project by Yellow Springs Home Inc. The project received a $49,998 FHLB Cincinnati AHP grant.
By the end of 2015, Huntington will have delivered on a five-year, $250 million commitment to affordable rental housing investment in Ohio. Huntington is also on pace to meet a three-year, $100 million Michigan affordable housing support commitment that will conclude in 2015. The Anderson, Ind. project is Huntington’s first FHLB Cincinnati AHP grant awarded in Indiana.
Huntington Bancshares Incorporated (NASDAQ: HBAN) is a $59 billion 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 New England 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 $96 billion congressionally-chartered wholesale regional bank providing financial services for residential housing and economic development to 732 member financial institutions located in Kentucky, Ohio and Tennessee. It has contributed $504 million for the creation of 65,000 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 7,700 member institution stockholders and does not use taxpayer dollars.
Brent Wilder, 614-480-5875
John Byczkowski, 513-852-7085
Source: Huntington Bancshares Incorporated
Released January 29, 2014