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A program that provides $50,000 grants to help Ohio, Kentucky and Tennessee residents tear down their old mobile home and build or buy a newer home of their own is no April Fool’s joke, but the $5 million in available funding will be awarded on a first-come, first-served basis.
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Grants available through the Federal Home Loan Bank of Cincinnati’s Hundred Homes Initiative, launched April 1, can be used for a down payment, principal reduction assistance or closing costs.
The grants can even be used to purchase land and pay for the disposal or recycling of vacated mobile homes or to take care of legal work and fees necessary to decommission an old mobile home and salvage the title.
To qualify, homebuyers must:
- Own and live in a mobile home constructed before June 15, 1976
- Have a household income less than or equal to 120 percent of the limit for the county in which the new home is located (the 2025 income ceilings range from $96,960 to $179,592, depending on the county and household size)
- Contribute $500 of their own funds to the down payment.
Once they’re in their new home, successful applicants must provide certification from a third-party company that their old mobile home has been demolished or decommissioned. Participating homebuyers who sell their new home before a five-year deed restriction expires may be required to pay part of the grant back.
FHLB Cincinnati has 605 members in 3 states
Source: Federal Home Loan Bank of Cincinnati.
Applications for Hundred Homes Initiative grants must be submitted to one of the Federal Home Loan Bank of Cincinnati’s more than 600 members in Ohio, Kentucky and Tennessee.
If financed with a permanent mortgage, the new home’s mortgage must be originated by an FHLB Cincinnati member, a federal government agency or enterprise, a state government agency or enterprise, or a nonprofit housing development organization.
Created by Congress in 1932 to provide access to housing finance, the nation’s 11 privately owned and capitalized Federal Home Loan Banks (FHLBs) do not depend on taxpayer funding. By law, each FHLB must divert 10 percent of its net earnings into an Affordable Housing Program (AHP).
FHLB Cincinnati, which since 1990 has provided $640 million in subsidies for affordable housing, funds the Hundred Homes Initiative as a voluntary contribution in addition to its 10 percent AHP set aside.
Andy Howell
“At FHLB Cincinnati, we regularly look at new ways to meet the housing needs of the communities in our district of Kentucky, Ohio and Tennessee,” FHLB President and CEO Andy Howell said in a statement. “Through the Hundred Homes Initiative, we will work in partnership with our members, housing sponsors and residents to increase the quality and safety of housing stock throughout our district.”
Last year, FHLB Cincinnati contributed $110 million to support housing and community investment programs.
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