Federal Home Loan Bank of Chicago Awards $27.7 Million Through Its Competitive Affordable Housing Program

CHICAGO, Nov. 20, 2019 /PRNewswire/ -- The Federal Home Loan Bank of Chicago (FHLBank Chicago) today announced that $27.7 million was granted through its competitive Affordable Housing Program (AHP) to help finance 50 housing projects located primarily in Illinois and Wisconsin. With these awards, FHLBank Chicago is investing in the acquisition, rehabilitation, and new construction of over 2,600 housing units. Descriptions of the 2019 AHP awards can be viewed here.

"Access to affordable housing is vital to local economies, quality of life, and families' abilities to pay for necessities like food, transportation, healthcare, and education," said Katie Naftzger, FHLBank Chicago Community Investment Officer. "Through our competitive AHP, our member institutions invest in the health of their communities by partnering with organizations working to expand affordable housing options available to renters, homebuyers, and homeowners."

Each year, FHLBank Chicago contributes 10% of its earnings to affordable housing programs, including both the competitive AHP and the Downpayment Plus^® (DPP^®) Programs. In 2019, DPP provided more than $17 million in forgivable grants through FHLBank Chicago's participating member institutions to assist with down payment and closing costs for eligible households.

Since 1989, FHLBank Chicago has awarded more than $483 million in competitive AHP grants and more than $211 million in DPP funds to help provide housing for low- and moderate-income eligible households.

"Supporting our members' investments in the communities they serve is an important part of our mission," commented Matt Feldman, FHLBank Chicago President and CEO. "Our members play a critical role as community lenders in helping their neighborhoods in Illinois and Wisconsin thrive. We are proud to support their commitment to affordable housing through our community investment programs."

For- and not-for-profit developers, units of government, public housing authorities, and tribally designated entities apply for competitive AHP grants through an FHLBank Chicago member institution, 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 FHLBank Chicago and its full range of community investment programs, visit www.fhlbc.com or @FHLBC. "Downpayment Plus" and "DPP" are registered trademarks of the Federal Home Loan Bank of Chicago.

SOURCE Federal Home Loan Bank of Chicago