Regional Bank Makes $5 Million Available For Tornado Affected Families
A regional bank headquartered in Cincinnati announced Wednesday they are making up to $5 million dollars available to help residents affected by the Memorial Day Tornado outbreak. The Federal Home Loan Bank of Cincinnati made the public announcement in Harrison Twp., which sustained heavy damage from the storms.
The federally chartered, regional bank announced the formation of the $5 million dollar Disaster Reconstruction Program in a parking lot off N. Main Street in Harrison Twp. From there, you can see homes and buildings that received heavy damage from the Memorial Day tornados.
It’s those primary residences and others like them in Miami, Montgomery, and Greene counties that will be eligible for grants of up to $20,000 for repair and reconstruction. Renters in those counties could be eligible for up to $5000 for the purchase of a home through the program as well.
President and CEO of the Federal Home Loan Bank of Cincinnati, Andy Howell, said they are partnering with multiple Dayton area non-profits and lending institutions to oversee the program.
“We're grateful to be in this position to partner with all our member institutions to assist in this recovery process look forward to rebuilding and coming back to seeing a new vibrancy to the area,” he said.
The partner institutions include several local banks, along with CareSource, County Corp, Rebuilding Together Dayton, Habitat for Humanity of Greater Dayton and the Miami Valley Community Action Partnership.
Cherish Cronmiller with the Partnership says residents could still be eligible for the program even if they received insurance payments or FEMA funding for damage to their homes.
“Perhaps they had to use that for other types of items, and we want to ensure that our homeowners are living safely and securely in their residences here in Montgomery County and the other counties that we're going to be serving, and we're here to make sure that those repairs happen.”
The Federal Home Loan Bank of Cincinnati is a federal wholesale bank, chartered by congress in the 1930’s. They serve Ohio, Kentucky and Tennessee.
You can get eligibility information on the Disaster Reconstruction Program by calling 937-250-7911.