Federal Home Loan Bank of Chicago awards $29.2 million under its Affordable Housing Program

CHICAGO, October 25, 2021 /PRNewswire/ — The Federal Home Loan Bank of Chicago (FHLBank Chicago) announced today that $29.2 million was awarded through its Affordable Housing Program (AHP) General Fund to help finance 49 housing projects located primarily in Illinois and Wisconsin. These funds will support the acquisition, rehabilitation and new construction of more than 2,315 homes. Descriptions of the 2021 AHP ​​Award winners can be seen here.

“Our investment in 49 housing projects through our general AHP fund reflects our unwavering commitment to the diverse communities we serve.,” noted Katie Naftzger, Vice President, Head of Community Investments, FHLBank Chicago. “We are proud to support our member institutions as they partner with local organizations to develop and expand the supply of high quality affordable housing in the communities they serve. The ability to rent or own a home changes lives and strengthens communities.

FHLBank Chicago donates 10% of its net revenue annually to affordable housing programs, including both the AHP General Fund and Downpayment Plus® (PPD®) Programs. In 2021, more than $15 million repayable grants from the DPP Program were disbursed through FHLBank Chicago member institutions to assist with down payment and closing costs for eligible households.

Since 1989, FHLBank Chicago has awarded more than $538 million in AHP grants and more than $244 million in DPP funds to help provide housing for eligible low- and middle-income households.

“Our members know their communities and the vital support they need, especially after last year. The AHP awards enable our members to provide crucial housing support in their cities and towns,” said Michael Ericson, President and CEO, FHLBank Chicago. “The COVID-19 pandemic continues to disproportionately impact the most vulnerable populations across Illinois and Wisconsin. Access to affordable housing is more important than ever and we are proud to help our members fund and support the development of such housing in their communities. »

For-profit and non-profit developers, government units, public housing authorities, and tribal-designated entities apply for AHP grants annually 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

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