Zachary Giguere, a local veteran from Miami County, achieved the dream of homeownership with the help of a $25,000 down payment assistance grant from the Federal Home Loan Bank of Cincinnati’s Welcome Home Program (WHP). The grant was disbursed by Ohio’s Minster Bank, a member of the Federal Home Loan Bank of Cincinnati (FHLB Cincinnati).

Mr. Giguere, age 25, joined the Marine Corps immediately after graduating high school, and spent four years in the infantry, traveling around the world to countries including Bahrain and Jordan, before returning to the United States. He moved in with his parents upon his return but was eager for a place of his own. Receiving the grant was life-changing.

“After being approved, it was a huge weight off my shoulders,” shared Mr. Giguere. “I just knew I could proceed with the mortgage loan, get it finalized, and finally get the house in my name.”

The WHP is FHLB’s most widely used Housing and Community Investment program, ideally suited to the needs of community lenders and their customers. In 2024, veterans were eligible for up to $25,000 downpayment assistance grants through the program, with other homebuyers eligible for $20,000. The WHP is part of the FHLB’s Affordable Housing Program, which has disbursed over $640 million in subsidies towards the creation or preservation of more than 91,000 units of affordable housing. In 2023 alone, the WHP disbursed over $16.3 million in grant funds to help more than 1,600 households with the costs associated with purchasing a home.

Mr. Giguere secured the grant with the help of Kori Weiss, Branch Manager at Minster Bank. Minster Bank received nearly $500,000 to fund down payment and closing costs for 24 low and moderate-income homebuyers in the area. The bank is one of more than 600 FHLB Cincinnati member financial institutions in Kentucky, Ohio and Tennessee. These member institutions help
get the funding in the hands of local homebuyers.

“FHLB Cincinnati programs allow Minster Bank to offer home ownership opportunities to those that would not be able to purchase a home otherwise. Having these services and programs at our fingertips allows Minster Bank to strengthen local communities by bringing a strong population to area workforce, schools, local businesses, etc.,” said Ms. Weiss.

Armed with the security of a new home, Mr. Giguere is focused on the future. He is currently working toward a bachelor’s degree in construction management while taking care of his two cats, dog and horse. In July 2025, he will be heading to the chapel, or in this case his own property, as he exchanges vows with his fiancé at his new home.

His sights aren’t set on his future only, instead he is looking to spread the word about the WHP to his fellow veterans.

“It’s a great, great program…especially helping veterans out. I know a lot of people get out of the Marine Corps and they just can’t financially afford to go buy a new house,” said Mr. Giguere. “Since I know FHLB works in Kentucky and Tennessee now, I have a couple buddies down there I’ll be telling.”

While the Welcome Home Program is closed to new applicants for 2024, the program is expected to return next year. Potential homebuyers can visit FHLB Cincinnati’s Welcome Home Program for the most recent information.

About the FHLB

The FHLB is a AA+ rated wholesale cooperative bank owned by 610 member financial institutions, including commercial banks, thrifts, credit unions, insurance companies and community development financial institutions in Kentucky, Ohio and Tennessee. The FHLB provides members access to products and services (primarily Advances, which are a readily available, low-cost source of funds, purchases of certain mortgage loans from members, and issuance of Letters of Credit to members) and a competitive return through quarterly dividends on their capital investment in the FHLB. The FHLB funds these products and services by raising private-sector capital from member-stockholders and, with the other Federal Home Loan Banks (FHLBanks) in the FHLBank System, issuing high-quality debt in the global capital markets. The FHLB also funds community investment programs that help its members create affordable housing and promote community economic development.

Visit their website.