The Federal Home Loan Bank of Chicago (FHLBank Chicago) announced it has awarded over $47 million through its 2024 Affordable Housing Program (AHP) General Fund round to help finance 35 housing projects located primarily in Illinois and Wisconsin. This funding will enable the acquisition, rehabilitation and new construction of over 1,300 housing units. 

“Access to affordable housing remains a top priority across Illinois and Wisconsin communities, especially as residents continue to contend with high interest rates, a deficit of housing supply, and increased construction costs. Through AHP, we are proud to support our members as they champion organizations that increase options for quality housing for all,” said Michael Ericson, President and CEO, FHLBank Chicago. 

As of year-end 2023, FHLBank Chicago has allocated more than $500 million in AHP grants since 1989, assisting in providing housing to more than 80,000 households across its district. In 2024, FHLBank Chicago increased awards up to $2 million per project to drive greater impact for these projects. The 35 awarded housing projects this year will support rural, urban, and tribal communities to add rental and owner-occupied affordable units for a diverse population such as seniors, veterans, and working families. 

One of the 2024 AHP grants was awarded to The Regenerator, a permanent supportive housing development in Chicago's Englewood neighborhood that is repurposing a former public school to provide housing for justice impacted individuals and families, sponsored by Go Green Development Group. Supported by funding from FHLBank Chicago member Community Investment Corporation, the project also offers onsite amenities like a computer lab, exercise room, community space and essential supportive services through the Inner-city Muslim Action Network (IMAN), including job skills training, holistic wrap around support and a federally qualified health center.   

“This grant enables us to transform a vacant school into a vibrant community hub that provides stable housing, healthcare, and jobs,” said Sana Syed, Chief of Growth & Strategy at IMAN. “Our community has taken on the vital task of reclaiming an abandoned institution. This project not only exemplifies the strength of cross-sector collaboration in realizing a community vision but also sets a bold precedent for future initiatives, restoring lost assets and creating life-changing opportunities for residents.”