CHICAGO, Oct. 25, 2021 /PRNewswire/ -- The Federal Home Loan Bank of Chicago (FHLBank Chicago) today announced that $29.2 million was granted 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 over 2,315 housing units. Descriptions of the 2021 AHP award recipients can be viewed here.
"Our investment in 49 housing projects through our AHP General Fund reflects our steadfast commitment to the diverse communities that we serve," said Katie Naftzger, Vice President, Community Investment Officer, 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 opportunity to rent or own a home changes lives and strengthens communities."
FHLBank Chicago annually contributes 10% of its net earnings to affordable housing programs, including both the AHP General Fund and the Downpayment Plus® (DPP®) Programs. In 2021, more than $15 million in forgivable DPP Program grants have been disbursed through FHLBank Chicago's 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 low- and moderate-income eligible households.
"Our members know their communities and the vital support that they need, especially after the last year. AHP awards allow our members to deliver crucial support for housing throughout their cities and towns," said Michael Ericson, President and CEO, FHLBank Chicago. "The COVID-19 pandemic continues to cause disproportionate impact to the most vulnerable populations across Illinois and Wisconsin. Access to affordable housing is more important than ever and we are proud to assist our members as they finance and support the development of these units in their communities."
For- and not-for-profit developers, units of government, public housing authorities, and tribally designated entities apply annually for AHP grants through an FHLBank Chicago member institution, which includes 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 The mission of the Federal Home Loan Bank of Chicago is to partner with our members in Illinois and Wisconsin to provide them competitively priced funding, a reasonable return on their investment in the Bank, and support for community investment activities. FHLBank Chicago is one of 11 Federal Home Loan Banks chartered by the U.S. Congress in 1932 to promote homeownership. Our members include banks, thrifts, credit unions, insurance companies, and community development financial institutions throughout our District. To learn more about FHLBank Chicago, please visit fhlbc.com or follow @FHLBC on Twitter. "Downpayment Plus" and "DPP" are registered trademarks of the Federal Home Loan Bank of Chicago.