Federal Home Loan Bank (FHLBank) of Cincinnati: Zero Interest Fund (ZIF) (Select States) - FY 2025
| Agency: | US Other |
|---|---|
| Office: | Federal Home Loan Bank (FHLBank) of Cincinnati |
| Multipart Grant: | No |
| Next Due: | Rolling |
|---|---|
| Solicitation Date: | Rolling |
| Match Required: | No |
| Actual Funds: | $5,000,000 (Confirmed) |
| Award Range: | $500,000 (Max) |
Summary:
The purpose of this program is to provide zero-interest loans that help fund the upfront infrastructure costs for housing, commercial, and industrial real estate-related projects in order to promote housing and economic development. Projects should support and advance the affordable housing and economic development activity of funding agency member institutions.
Funding is provided for projects that intend to assist in the development of housing, the creation or retention of jobs, or the provision of benefits that may lead to economic empowerment opportunities for low- and moderate-income individuals and communities, defined as those earning less than 100 percent of the area median income (AMI) in urban areas, or less than 115 percent of the AMI in rural areas.
Eligible uses of funds include early-in project costs, such as:
- Land acquisition
- Packaging services
- Appraisals
- Architectural drawings
- Consulting fees
- Engineering fees
- Environmental testing
- Feasibility analyses
- Legal costs
- Licensing and permit fees
- Market studies
- Infrastructure
- Other expenditures normally associated with the development of residential, commercial, or industrial real estate-related projects
Eligibility is limited to projects located in Kentucky, Ohio, or Tennessee.
Eligibility Notes:
Eligible applicants are member financial institutions of the funding agency applying on behalf of the project sponsor, which may include:
- Nonprofit organizations
- Local governments
- Community development corporations
- Other beneficiaries
Applicants must propose projects located in Kentucky, Ohio, or Tennessee.
There is no limit to the number of applications an applicant may submit; however, the funding agency reserves the right to limit the number of applications based on the general availability of funding and utilization of the program throughout the district.
Entities involved in the award transaction must not be on the funding agency's suspension and debarment list.
Eligible Applicants:
Local GovernmentNon Profits
Application Notes:
Applications will be accepted on a first-come, first-served rolling basis as long as funding is available, or until the funding agency elects to terminate or suspend the program. Applicants may contact the program staff, using the information provided in the Contact section, to inquire about funding availability.
Applications must be submitted online at login.fhlbcin.com.
Applications must include:
- Member information
- Project information
- Map with street names showing the parcel (if applicable)
- Amount requested
- Contact information
- Member certifications
- Additional documentation (optional)
Additional documentation must be uploaded as a single file in .pdf or .tif format.
Refer to the NOFA and Guide files for additional application information.
| Match Required: | No |
|---|---|
| Actual Funds: | $5,000,000 (Confirmed) |
| Award Range: | $500,000 (Max) |
|---|
Match Notes:
There are no stated matching requirements for this program.
Funding Notes:
A total of $5 million is available to support zero-interest loans of up to $500,000 through this program. Applicants may contact the program staff, using the information provided in the Contact section, to inquire about funding availability.
Applications will be processed within two business days of submission, and upon project approval and execution of a funding agreement, award recipients must submit a request for funds for the entire approved amount within 30 calendar days of application approval. Funds will be deposited in the recipient's demand deposit account.
Loan transactions must be structured for repayment at the earlier of 24 months for economic development projects, 18 months for housing projects, or the closing of either the construction or permanent loan. This must be evidenced by the note and/or loan document that contains a term not to exceed the project threshold.
After note repayment, the recipient must notify the funding agency, which will in turn debit the recipient's demand deposit account for the amount repaid. The recipient's account will be debited for the full amount of the loan if the funding agency has not been repaid by the end of the 18- or 24-month period.
Award recipients may not mark up funds; however, reasonable and customary fees may be charged and financed by the loan.
Contacts:
Program Staff
(513) 852-7680
(888) 345-2246
cica@fhlbcin.com
Agency Address
FHLB Cincinnati
221 East Fourth Street
600 Atrium Two
Cincinnati, OH 45202
Contact Notes:
Questions should be directed to the program staff.
Applications must be submitted online at login.fhlbcin.com.
The agency address provided is for reference purposes only.
Files:
NOFA File: US15246_NOFA_FY2025.pdf (145.0 Kb)Guide File: US15246_Guide_FY2025.pdf (269.5 Kb)
File Notes:
The NOFA file contains detailed program information and application guidelines. The Guide file contains detailed application instructions.
Grant Keywords
Federal Home Loan Bank of Cincinnati, FHLB, FHLBank, KY, OH, TN, city planning, civic, infrastructure development, municipal improvement, abandoned, abandonment, blight, distressed community, enterprise zone, foreclosure, inner city, slum, underserved, fix, infrastructure, investment, neighborhood revitalization, rebuild, redevelopment, refurbish, rehab, rehabilitate, rehabilitation, renewal, renovate, renovation, repair, restoration, restore, sustainable development, urban renewal, A&D, acquire, acquisition, acquisition and development, architectural improvement, build, building, construct, construction, engineering, erect, planning, community center, recreational facility, senior center, natural disaster, disaster, man-made disaster, disaster area, disaster assistance, county-wide, development corporation, district, entitlement zone, municipalities, municipality, neighborhood improvement, non-entitlement, regional planning, township, capital investment, commerce, commercialization, community investment, availability, create, creation, high-risk, hiring, job opportunity, jobless, labor, limited resources, lower-income, out-of-work, poverty, underprivileged, underrepresented, unemployed, vulnerable, business, economic development, employment, job, facility, facility upgrade, retrofit, downtown, urban planning, community need, affordable housing, fair housing, HUD, equal opportunity, local need, multifamily, single family, apartment, complex, condo, condominium, duplex, flat, home, house, residence, townhouse, unit, developer, investor, land owner, land, lot, real estate, real property, demolish, demolition, predevelopment, AMFI, AMI, area median family income, area median income, at risk, children, extremely low-income, families, impoverished, low-income, needy family, poor, Section 8, very low-income, voucher, welfare, displaced, foreclosed, housing crisis, housing shortage, temporary housing, underemployed, disadvantaged, economically disadvantaged, indigent, needy, Fifth District, FHLBank Cincinnati, job creation, job retention, workforce, housing infrastructure, FHLBank of Cincinnati, FHLB CincinnatiGrant Categories
Community DevelopmentEconomic Development
Housing
Human Services