We provide Community Housing Advances to help our members increase access to affordable housing in their communities.
Community Housing Advance
Eligible Projects
- Owner-occupied housing: Loans to income-eligible homeowners for the purchase, refinance, construction, or rehabilitation of owner-occupied housing
- Rental housing: Loans for the purchase, construction, refinance, or rehabilitation of rental housing occupied by, and affordable to, income-eligible renters
- Manufactured housing parks: Loans for the purchase, construction, refinance, or rehabilitation of units occupied by, or affordable to, income-eligible families
Application and Eligibility
To qualify, an FHLBank Chicago member institution must complete the Community Housing Advance application and provide supporting documentation to demonstrate the project’s eligibility.
- Owner-occupied housing: Household income of homeowners must be at or below 115% of the area median income adjusted for a four-person household as published annually in the HUD Income Guidelines.
- Rental housing: At least 51% of units in the project must be occupied by, or affordable to, households earning at or below 115% of the area median income adjusted for a four-person household as published annually in the HUD Income Guidelines.
- Manufactured housing parks: At least 51% of units in the project must be occupied by, or affordable to, households earning at or below 115% of the area median income adjusted for a four-person household, or the project must be located in a census tract with a median income at or below 115% of the median income for the county.
Required Documentation
- Owner-occupied housing: The Homeownership Worksheet (included in the Community Housing Advance application)
- Rental housing: The Rental Project Worksheet (included in the Community Housing Advance application); additional supporting documentation may be requested, such as the following:
- Schedule of rents
- Copy of deed restriction limiting tenant incomes
- Rent roll, including tenant incomes
- Manufactured housing parks: The Rental Properties and Manufactured Housing Parks Worksheets (included in the Community Housing Advance application), project location, and census tract information
Contact
Questions related to Community Housing Advances can be directed to FHLBank Chicago Community Investment at 312-565-5824 or cica@fhlbc.com.