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ELEVEN FHLB STOCKHOLDERS AWARDED AFFORDABLE HOUSING PROGRAM FUNDS; MORE THAN 500 UNITS OF HOUSING CREATED

 ELEVEN FHLB STOCKHOLDERS AWARDED AFFORDABLE HOUSING PROGRAM FUNDS;
 MORE THAN 500 UNITS OF HOUSING CREATED
 CINCINNATI, March 31 /PRNewswire/ -- Charles Lee Thiemann, president of the Federal Home Loan Bank (FHLB) of Cincinnati, announced that 11 member stockholders in the Fifth District of Kentucky, Ohio and Tennessee, were awarded $1.006 million in Affordable Housing Program (AHP) funds to create 513 units of housing for very low-, low- and moderate-income persons.
 In this first offering of 1992, the subsidy was awarded to six financial institutions from Ohio, three from Tennessee and two from Kentucky. The $1.006 million subsidy will leverage total development in the amount of $21.2 million. "With this round of funding, we exceeded our past leveraging ratios," said Thiemann. "For every FHLB subsidy dollar, an additional $21.12 is leveraged.
 "In keeping with our District Priority, special emphasis was placed on rural housing and urban rehabilitation projects," said Thiemann. "Of the 513 units of housing, 69 are in rural locations and another 300 are urban units. In addition, 72 percent will be targeted to very low-income families."
 Institutions receiving awards include: First Federal Savings Bank, Cleveland; Women's Federal Savings Bank, Cleveland; Leesburg Federal Savings & Loan Association, Leesburg, Ohio; First Federal Savings Bank, Washington Courthouse, Ohio; Metropolitan Savings Bank, Youngstown, Ohio; Home Federal Savings Bank, Xenia, Ohio; Twin Cities Federal, Bristol, Tenn.; Heritage Federal Bank, F.S.B., Kingsport, Tenn.; Leader Federal Bank for Savings, Memphis; First Federal Savings and Loan, Bowling Green, Ky., and First Federal Savings Bank, Pineville, Ky.
 The FHLB of Cincinnati sets aside 5 percent of net earnings annually to be used as subsidies to assist member institutions in financing housing for persons at or below 80 percent of area median income. All FHLB stockholders are eligible to apply for the funds. Applications for the second round of funding will be accepted through July 15, 1992.
 The AHP is a program of the Federal Home Loan Bank System which operates under federal charter and is overseen by the Federal Housing Finance Board. With assets just under $7 billion, the FHLB of Cincinnati is one of 12 self-supporting regional credit banks.
 SUMMARY OF APPLICATIONS APPROVED FOR FUNDING -- ROUND 92-01
 LEADER FEDERAL BANK FOR SAVINGS
 Memphis, Tenn.
 NonProfit Sponsor: St. Patrick's Neighborhood Housing Dev. Corp.
 Project Location: Memphis, Tenn.
 Number of Units: 4
 Very Low Units: 4
 Subsidy (as of 2/12/92): $10,000
 Total Development Cost: $184,000
 HOME FEDERAL SAVINGS BANK
 Xenia, Ohio
 NonProfit Sponsor: Spring, Inc.
 Project Location: Brown and Clark Counties, Ohio
 Number of Units: 20
 Very Low Units: 8
 Subsidy (as of 2/12/92): $45,000
 Total Development Cost: $1,350,000
 TWIN CITIES FEDERAL
 Bristol, Tenn.
 NonProfit Sponsor: City of Bristol
 Project Location: Bristol, Tenn.
 Number of Units: 22
 Very Low Units: N/A
 Subsidy (as of 2/12/92): $70,882
 Total Development Cost: $1,056,000
 FIRST FEDERAL SAVINGS BANK
 Cleveland
 NonProfit Sponsor: Cleveland Housing Network
 Project Location: Cleveland
 Number of Units: 180
 Very Low Units: 135
 Subsidy (as of 2/12/92): $142,003
 Total Development Cost: $6,982,900
 FIRST FEDERAL SAVINGS BANK
 Cleveland
 NonProfit Sponsor: Cleveland Housing Network
 Project Location: Cleveland
 Number of Units: 140
 Very Low Units: 115
 Subsidy (as of 2/12/92): $48,713
 Total Development Cost: $5,438,172
 LEADER FEDERAL BANK FOR SAVINGS
 Memphis, Tenn.
 NonProfit Sponsor: Memphis Multi-Bank CDC
 Project Location: Memphis, Tenn.
 Number of Units: 10
 Very Low Units: N/A
 Subsidy (as of 2/12/92): $14,400
 Total Development Cost: $480,000
 LEESBURG FEDERAL SAVINGS & LOAN ASSOC.
 Leesburg, Ohio
 NonProfit Sponsor: Leesburg Friends Housing
 Project Location: Leesburg, Ohio
 Number of Units: 18
 Very Low Units: 18
 Subsidy (2/12/92): $77,826
 Total Development Cost: $627,000
 FIRST FEDERAL SAVINGS BANK
 Washington Courthouse, Ohio
 NonProfit Sponsor: Leesburg Friends Housing
 Project Location: Leesburg, Ohio
 Number of Units: 18
 Very Low Units: 18
 Subsidy (as of 2/12/92): $77,826
 Total Development Cost: $627,000
 METROPOLITAN SAVINGS BANK
 Youngstown, Ohio
 NonProfit Sponsor: Jubilee Urban Renewal Corp.
 Project Location: Youngstown, OH
 Number of Units: 10
 Very Low Units: 10
 Subsidy (as of 2/12/92): $21,668
 Total Development Cost: $226,000
 HERITAGE FEDERAL BANK, F.S.B.
 Kingsport, Tenn.
 NonProfit Sponsor: Oak Ridge Chamber of Commerce
 Project Location: Oak Ridge, Tenn.
 Number of Units: 5
 Very Low Units: N/A
 Subsidy (as of 2/12/92): $8,335
 Total Development Cost: $277,835
 FIRST FEDERAL SAVINGS BANK
 Pineville, Ky.
 NonProfit Sponsor: Pineville-Bell County UR & CD Agency
 Project Location: Bell County, Ky.
 Number of Units: 20
 Very Low Units: 18
 Subsidy (2/12/92): $78,295
 Total Development Cost: $855,485
 HERITAGE FEDERAL BANK, F.S.B.
 Kingsport, Tenn.
 NonProfit Sponsor: Oak Ridge Chamber of Commerce
 Project Location: Oak Ridge, Tenn.
 Number of Units: 5
 Very Low Units: N/A
 Subsidy (as of 2/12/92): $52,687
 Total Development Cost: $275,000
 WOMEN'S FEDERAL SAVINGS BANK
 Cleveland
 NonProfit Sponsor: NHS
 Project Location: Cleveland
 Number of Units: 15
 Very Low Units: 0
 Subsidy (as of 2/12/92): $28,662
 Total Development Cost: $984,000
 FIRST FEDERAL SAVINGS AND LOAN
 Bowling Green, Ky.
 NonProfit Sponsor: Wabuck Development Co.
 Project Location: Bowling Green, Ky.
 Number of Units: 46
 Very Low Units: 46
 Subsidy (as of 2/12/92): $329,747
 Total Development Cost: $1,888,300
 TOTALS
 Number of Units: 513
 Very Low Units: 372
 Subsidy (as of 2/12/92): $1,006,044
 Total Development Cost: $21,251,692
 -0- 3/31/92
 /CONTACT: Carol Mount Peterson, vice president of housing and community investment, Federal Home Loan Bank of Cincinnati, 513-852-7615/ CO: Federal Home Loan Bank of Cincinnati ST: Ohio IN: FIN SU:


KK -- CL001 -- 3200 03/31/92 07:42 EST
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