Welcome Home Grant of $5000 Where is the money from?

 

The funds for the Welcome Home Grant are not directly from the Federal Government but rather the Federal Home Loan Bank of Cincinnati.  The Federal Home Loan Banks (FHLBanks, or FHLBank System) are 12 U.S. government-sponsored banks that provide stable, on-demand, low-cost funding to American financial institutions (not individuals) for home mortgage loans, small business, rural, agricultural, and economic development lending. With their members, the FHLBanks represents the largest collective source of home mortgage and community credit in the United States.

 Each of the 12 sponsored banks have their own Affordable Housing Programs that they sponsor.  The Welcome Home grant program if offered by the FHLB Cincinnati and is only available to its member banks to assist homeowners.  Welcome Home grants are limited to $5,000 per household, households are eligible only if the total household income is at or below 80% of Mortgage Revenue Bond (MRB) income limits, and funds are offered on a “first-come, first-served” basis.

 Further information can be found at:  http://www.bdiebert.com/2014/02/06/welcome-home-2014/ 

 Or on the FHLBCIN site at https://web.fhlbcin.com/Housing/Programs/WelcomeHomeProgram/WHPDocumentsandForms/Documents/2013%20Welcome%20Home%20Guide-new.pdf

 

 Since the funds are on a first come basis I highly recommend customer be Pre-Approved for financing by the end of February. 

 

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