The Federal Home Loan Bank of Chicago (FHLBank Chicago) today announced that more than $28.3 million was granted through its competitive Affordable Housing Program (AHP) to help finance 47 affordable housing projects located primarily in Illinois and Wisconsin. Specific descriptions of the 2018 AHP awards can be viewed here.
“These AHP awards will assist in the acquisition, rehabilitation, and new construction of over 2,500 housing units,” commented Suzi Thackston, FHLBank Chicago Community Investment Officer. “We are proud of the work our member institutions do with their partners to create affordable housing options for renters, homebuyers, and homeowners in the communities they serve.”
Each year, the FHLBank Chicago contributes 10% of its earnings to affordable housing programs, including both the competitive AHP and the Downpayment Plus® (DPP®) programs. In 2018, DPP provided more than $19 million in forgivable grants through the FHLBank Chicago’s participating member institutions to assist with down payment and closing costs for eligible households.
Since 1989, the FHLBank Chicago has awarded more than $455 million in competitive AHP grants and more than $192 million in DPP funds to help provide housing for income-eligible homebuyers.
For- and not-for-profit developers, units of government, public housing authorities, and tribally designated entities apply for the competitive AHP grants through one of the FHLBank Chicago’s 706 member institutions, which include commercial banks, savings institutions, credit unions, insurance companies, and community development financial institutions in Illinois and Wisconsin.
About the Federal Home Loan Bank of Chicago
For more information about the FHLBank Chicago and its full range of Community Investment programs, please visit www.fhlbc.com or @FHLBC. “Downpayment Plus” and “DPP” are registered trademarks of the FHLBank Chicago.