Federal Home Loan Bank of Chicago awards $24.8 million under its competitive affordable housing program
CHICAGO, November 2, 2020 /PRNewswire/ — The Federal Home Loan Bank of Chicago (FHLBank Chicago) announced today that $24.8 million was awarded under its competitive Affordable Housing Program (AHP) to help fund 44 housing projects located in Illinois and Wisconsin. With these awards, FHLBank Chicago is investing in the acquisition, rehabilitation and construction of more than 2,000 homes. Descriptions of the 2020 AHP award winners can be seen here.
“The 44 housing projects awarded through our AHP competition are as diverse as the district we serve,” said Katie Naftzger, Vice President, Head of Community Investments, FHLBank Chicago. “We are proud to support our member institutions as they invest in and partner with community organizations to develop and expand affordable housing options. The ability to rent or own a home changes lives and strengthens communities.
Each year, FHLBank Chicago donates 10% of its revenue to affordable housing programs, including both Competitive AHP and Downpayment Plus® (PPD®) Programs. Throughout this year, more than $12 million DPP repayable grants were disbursed through participating FHLBank Chicago member institutions to assist with down payment and closing costs for eligible households.
Since 1989, FHLBank Chicago has awarded more than $500 million in competitive AHP grants and more than $225 million in DPP funds to help provide housing for eligible low- and middle-income households.
“Our members are the fabric of their communities. We provide them with support in the vital roles they play in their communities and our AHP awards are an important part of that support,” said Matt Feldman, President and CEO, FHLBank Chicago. “Access to affordable housing is even more essential today, as we see a disproportionate impact of the COVID-19 pandemic on some populations in our district, and we are proud to help our members fund and support the development of accessible housing in their communities.
For-profit and non-profit developers, government units, public housing authorities, and tribal-designated entities apply for competitive AHP grants through a member institution of FHLBank Chicago, which includes commercial banks, savings institutions, credit unions, insurance companies and communities. development finance institutions Illinois and Wisconsin.
About the Federal Home Loan Bank of Chicago
The mission of the Federal Home Loan Bank of Chicago is to partner with our members in Illinois and Wisconsin provide them with financing at competitive prices, a reasonable return on their investment in the Bank and support for community investment activities. FHLBank Chicago is one of 11 federal home lending banks chartered by the US Congress in 1932 to promote home ownership. Our members include banks, savings and credit unions, insurance companies and community development financial institutions throughout our district. To learn more about FHLBank Chicago, visit fhlbc.com or follow @FHLBC on Twitter. “Downpayment Plus” and “DPP” are registered trademarks of the Federal Home Loan Bank of Chicago.
SOURCE Federal Home Loan Bank of Chicago