The Federal Home Loan Bank of Chicago (FHLBank Chicago) today announced that it has awarded more than $33 million to help finance 44 housing projects and developments across Illinois and Wisconsin through its Affordable Housing Program (AHP) General Fund. These grant funds will support the acquisition, rehabilitation, and new construction of over 1,900 housing units, and are provided to FHLBank Chicago’s financial institution members in partnership with organizations like Movin’ Out in Madison, WI, and The Interfaith Housing Development Corporation in Chicago. 

“Economic pressures, like rising interest rates and material costs, provide significant challenges for development. These factors further compound the already critical need for affordable housing support in both rural and urban communities across our District,” said Michael Ericson, President and CEO, FHLBank Chicago. “We are answering the call with AHP subsidies to provide support in partnership with our member institutions and developers, community organizations, public housing authorities, tribal governments, and other units of government.”

Since 1990, FHLBank Chicago has awarded $564 million in AHP grants, providing housing to nearly 89,000 households. In 2023, several of the awarded affordable housing projects will provide much needed housing and services for low- and moderate-income communities for seniors, those with disabilities, tribal communities and veterans. 

Additionally, FHLBank Chicago will double the maximum per-project subsidy to $2 million in 2024 to increase financial impact for future affordable housing projects and developments.  

“Our community-integrated housing is affordable for low- to moderate-income households and includes units designed for people and families with disabilities,” said Dave Porterfield, Senior Advisor, Real Estate Developer at Movin’ Out. “The AHP funding from FHLBank Chicago is essential to providing affordable and accessible options for long-term housing stability for the people we serve.”

“With this AHP grant, we will have the chance to make much needed updates to Vision House Apartments in Chicago’s Bronzeville neighborhood and improve the lives for formerly homeless households with chronic disability,” said Perry Vietti, President of the Interfaith Housing Development Corporation. “This grant will rehab apartment bathrooms and kitchens, and provide updates like fresh paint, energy saving lighting and base-board heat system replacement. This supportive housing development is over 25 years old and this FHLBank Chicago-funded rehab will ensure that the project will continue to serve this target population for decades to come.”  

Over the past three years, FHLBank Chicago annually contributed greater than 10% of its net earnings to affordable housing programs, including both the AHP General Fund and the Downpayment Plus® (DPP®) Program, which distributes forgivable grants to cover down payment and closing costs for eligible households throughout the year, as well as additional programs aimed at increasing diversity in affordable housing and small business growth. View the list of 2023 FHLBank Chicago AHP General Fund projects and descriptions.