Huntington-Financed Affordable Housing Projects Receive Grants from Federal Home Loan Bank
February 03 2015 - 6:00AM
Business Wire
$7.4 million in grants from FHLBank of
Cincinnati will support Huntington-financed development of more
than 800 affordable housing units
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.
About HuntingtonHuntington 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 CincinnatiThe 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 IncorporatedSeth Seymour,
614-480-3538seth.seymour@huntington.com
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