Federal Home Loan Bank of Chicago Awards $28 Million through Its Competitive Affordable Housing Program
CHICAGO, Dec. 4, 2013 /PRNewswire/ -- The Federal Home Loan Bank of Chicago recently awarded more than $28 million through its competitive Affordable Housing Program (AHP) to help finance 99 affordable housing projects located primarily in Illinois and Wisconsin. Click here to view descriptions of the 2013 AHP awards.
"The 2013 AHP awards will assist in the purchase, rehabilitation, and new construction of more than 4,500 affordable housing units through 99 projects," says Sam Nicita, Community Investment Officer at the Federal Home Loan Bank of Chicago. "This is nearly double the number of projects that received an AHP award last year. We are thrilled to provide this level of support to projects that meet the important housing needs in our communities by offering safe affordable housing options."
Each year the Federal Home Loan Bank of Chicago allocates a portion of its earnings to affordable housing programs. During 2013, those programs consisted of both the $28 million competitive AHP grant program and a $17 million Downpayment Plus® (DPP®) program; DPP provides forgivable grants through the Bank's member institutions to assist with down payment and closing costs for eligible households.
Since 1989, the Federal Home Loan Bank of Chicago has awarded more than $316 million in competitive AHP grants and more than $110 million in DPP funds that have helped provide housing for families whose incomes are 80% or less of the area median income.
Non-profit groups, for-profit developers, and public entities apply for the competitive AHP grants through one of the Federal Home Loan Bank of Chicago's member institutions; more than 750 commercial banks, savings institutions, credit unions, insurance companies, and community development financial institutions in Illinois and Wisconsin are members of the Federal Home Loan Bank of Chicago.
About the Federal Home Loan Bank of Chicago
The Federal Home Loan Bank of Chicago is a $61.1 billion wholesale bank serving the needs of member housing finance institutions located in Illinois and Wisconsin. Our mission is to partner with our member shareholders to provide them competitively priced funding, a reasonable return on their investment, and support for community investment activities. The U.S. Congress created the Federal Home Loan Bank System, which includes 12 Federal Home Loan Banks, in 1932 to promote housing finance, but each Bank is wholly owned by its member institutions.
SOURCE Federal Home Loan Bank of Chicago