Habitat for Humanity’s Greater Cincinnati branch has won $3 million in grant funding for affordable housing rehab and construction in both the Northern Kentucky and Cincinnati regions.
The funding was granted as part of Federal Home Loan Bank of Cincinnati’s Affordable Housing Program, which awarded a total of $51.9 million — its largest grant amount ever — to 30 different organizations.
The money will be used to create 2,990 units of affordable housing in Ohio, Kentucky and Tennessee, according to a press release from the bank.
A study of housing in Northern Kentucky has revealed troubling trends for housing in the region, with the largest need being for “workforce housing” for households earning between $15 and $25 per hour, with monthly housing costs between $500 and $1,500. The region needs about 3,000 more housing units to provide for people within that income range, according to the study. The demand for one- to two-bedroom rentals and owned properties consistently exceeds their supply, while supply for three and four-bedroom properties consistently exceeds demand. The study suggests that the region needs to build 6,650 housing units to support economic development in the next five years, which equates to 1,330 units per year. Read more here.
Understanding NKY’s housing shortage
“The affordable housing landscape is changing with many of our members and the organizations they support facing unprecedented challenges in the development and rehabilitation of housing throughout our region,” bank President and CEO Andrew Howell said in the release. “We are proud to illustrate our commitment to affordable housing through our largest ever announcement of Affordable Housing Program grants.”
You can view a full list of awardees and award amounts at the Federal Home Loan Bank’s dedicated webpage.