The Federal Home Loan Bank of Cincinnati and nonprofit partner Fahe are expanding their Rise Up Program into Kentucky, offering $25,000 grants to qualifying first-time, first-generation homebuyers.
The program, funded by FHLB Cincinnati, provides up to $3 million in Kentucky for down payments, closing costs, or principal reduction assistance.
To qualify, applicants must:
- Be first-time, first-generation homebuyers
- Complete homeownership education through a HUD-approved counseling agency
- Have a household income at or below 120% of the HUD-defined Multifamily Tax Subsidy Project Income Limit for the county where the home is purchased
Households must meet income limits to qualify for the program, which vary by household size. For a one-person household, the limit is $93,960; for two people, $107,400; for three people, $120,840; and for a four-person household, $134,160.
“At Fahe, we’re proud to expand access to homeownership and bring new resources to qualifying first-time, first-generation homebuyers,” Fahe CEO Jim King said in a news release. “Through our partnership with FHLB Cincinnati, we’re able to offer $25,000 in down payment assistance—helping individuals and families who might otherwise have no path to purchase a home.”
Eligible properties include single-family homes, which are 1 to 4 units, and manufactured homes titled and taxed as real estate on permanent foundations. All properties must be used as a primary residence.
Funds for Rise Up are provided through voluntary contributions approved by the FHLB Board of Directors, separate from its required 10% of net earnings allocated to the Affordable Housing Program.
The Cincinnati-based bank serves more than 600 member financial institutions in Kentucky, Ohio and Tennessee.