CINCINNATI, Jan. 8, 2014 (GLOBE NEWSWIRE) -- The Federal Home Loan Bank of Cincinnati has appointed three new members to its Affordable Housing Advisory Council, and has reappointed two members. The Board of Directors has appointed Douglas A. Garver, Danny J. Herron and Thomas K. Stone to the Council and reappointed members Don R. Alexander and David L. Kreher, to three-year terms commencing January 1, 2014.
The 15-member Council provides guidance to the Board and staff on housing needs and programs that will enhance the FHLBank's affordable housing and economic development programs in the Fifth District territory of Kentucky, Ohio, and Tennessee. The Council has played an important role in the FHLBank's awarding affordable housing subsidies of more than $500 million since 1990.
Joining the Advisory Council are:
- Douglas A. Garver, Executive Director of Ohio Housing Finance Agency (OHFA) in Columbus, Ohio, the lead agency for affordable housing in the State of Ohio. Mr. Garver is responsible for the administration of a wide range of programs that offer assistance to first-time homebuyers, homeowners, renters, senior citizens and other populations who might not otherwise be able to afford and sustain quality housing. Mr. Garver has served in this capacity since 2004.
- Danny J. Herron, President and Chief Executive Officer of Habitat for Humanity of Greater Nashville (HFHGN) in Nashville, Tennessee. Mr. Herron has been President and CEO of HFHGN since 2010.
- Thomas K. Stone, Executive Director of Mt. Pleasant NOW in Cleveland, Ohio. Mr. Stone has been Executive Director since 1995. Mt. Pleasant NOW primarily performs rehabilitation of single-family homes, but also performs new construction, provides market-rate housing, and develops low-income housing tax credit projects.
Reappointed to the Advisory Council are:
- Don R. Alexander, Executive Director, Crossville Housing Authority in Crossville, Tennessee. He was first appointed to the Council in 2011.
- David L. Kreher, People's Self-Help Housing, Inc., Vanceburg, Kentucky. He also was first appointed to the Council in 2011.
The FHLBank is a $96 billion congressionally-chartered wholesale regional bank providing financial services for residential housing and economic development to 732 member financial institutions located in Kentucky, Ohio and Tennessee. It has contributed $504 million for the creation of 65,000 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 7,700 member institution stockholders and does not use taxpayer dollars.
CONTACT: John Byczkowski, FHLBank Cincinnati 513.852.7085 (office) or 513.382.7615 (cell) firstname.lastname@example.org
Source:Federal Home Loan Bank of Cincinnati