Zachary Giguere, a veteran, pictured with his fiance’ Becca Hatton, both of Troy, in front of his home. The purchase was made possible with the help of a $25,000 down payment assistance grant from the Federal Home Loan Bank of Cincinnati’s Welcome Home Program (WHP).
Submitted photo
DAYTON — Zachary Giguere, a veteran, of Troy, 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), said a FHLB Cinicinnati press release.
Giguere, 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,” said Giguere, in the release. “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 in down payment 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.
“As a veteran myself, I’ve seen firsthand how critical a stable home can be to building a strong foundation in life after returning from service. Our welcome home program is a testament to our commitment of supporting those who have served and others in need of a place to call their own,” said Damon Allen, SVP, chief marketing and community investment officerm in the release.
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 Weiss.
Armed with the security of a new home, 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 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 www.fhlbcin.com for the most recent information.
