CHICAGO, Dec. 1, 2016 /PRNewswire/ -- The Federal Home Loan Bank of Chicago (FHLBC) today announced that more than $23.5 million was granted through its competitive Affordable Housing Program (AHP) to help finance 39 affordable housing projects located primarily in Illinois and Wisconsin. Click here to view descriptions of the 2016 AHP awards.
"There is a very real need for more quality affordable housing. With these AHP awards, we are investing in the acquisition, rehabilitation, and new construction of over 2,000 housing units," said Suzi Thackston, FHLBC Community Investment Officer. "The Community Investment Group offers products and services to help our members meet the affordable housing and economic development needs of the people, businesses, and communities they serve. Exclusive access to these resources is a value of membership at the Federal Home Loan Bank of Chicago."
Each year, the Federal Home Loan Bank of Chicago allocates 10% of its earnings to affordable housing programs. During 2016, those programs consisted of both the competitive AHP grant program and an $18.7 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 $398 million in competitive AHP grants and more than $158 million in DPP funds that have helped provide housing for families whose incomes are 80% or less of the area median income.
Nonprofit 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; 740 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
For more information about the Federal Home Loan Bank of Chicago, please visit www.fhlbc.com. "Community First," "Downpayment Plus," and "DPP" are registered trademarks of the Federal Home Loan Bank of Chicago.
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SOURCE Federal Home Loan Bank of Chicago