Rep. Beatty Announces Federal Funding to Advance Affordable Housing
WASHINGTON, DC– RealEstateRama – This week, Congresswoman Joyce Beatty (OH-03) joined the Federal Home Loan Bank of Cincinnati (FHLB) and Homeport in celebrating the launch of the Rise Up program. The Rise Up program, funded by $5 million from FHLB Cincinnati, will offer $25,000 grants to qualifying first-time homebuyers in Franklin County for down payment, closing costs, or principal reduction assistance.
“I applaud the FHLB Cincinnati for addressing the affordable housing crisis with the launch of the Rise Up homeownership grant program, and I am especially gratified that the pilot will be launched in Columbus,”said Congresswoman Joyce Beatty. “The Rise Up program takes a meaningful step towards closing the homeownership gap by giving first-generation and first-time homebuyers in Franklin County the boost they need to purchase a home and build generational wealth.”
The distributed funds will include $500,000 for Homeport’s program administration and, along with the $5 million in direct grants, are voluntary contributions in addition to the FHLB’s required 10 percent of net earnings set-aside to fund the organization’s Affordable Housing Program (AHP). Since the inception of the AHP in 1990, the FHLB has disbursed over $640 million in subsidies towards the creation or preservation of more than 91,000 units of affordable housing.
Congresswoman Joyce Beatty also announced significant federal funding to boost affordable housing in Ohio’s Third Congressional District. The U.S. Department of Housing and Urban Development (HUD) has allocated $776,904 through its Capital Fund Program to the Columbus Metropolitan Housing Authority for public housing development, renovation, or modernization. Additionally, NeighborWorks America has granted $436,000 for Fiscal Year 2024 to Homeport to support affordable housing development, neighborhood revitalization, and job creation in the district.
NeighborWorks America is a public nonprofit organization, established by Congress in 1978 as the Neighborhood Reinvestment Corporation. It supports and enhances a network of nearly 250 local and regional nonprofit partner NeighborWorks organizations. These organizations bring together residents, private-sector business leaders, and representatives of local government to create communities of opportunity.
For inquiries, please contact Cassandra Johnson at 
###
