CHICAGO, Dec. 21, 2010 /PRNewswire/ -- The Federal Home Loan Bank of Chicago recently awarded $4.6 million to help finance more than 1,000 housing units located primarily in Illinois and Wisconsin through its Competitive Affordable Housing Program (AHP) grant process.
During 2010, the Bank's affordable housing grant programs consisted of both the $4.6 million Competitive AHP grant program and a $2.0 billion homeownership grant set-aside program called Downpayment Plus® (DPP®). Since 1990, the Federal Home Loan Bank of Chicago has taken great pleasure in awarding more than $242 million in competitive AHP grants and more than $68 million in DPP funds that have helped provide housing for families whose incomes are 80% or less of the area median income.
"The Affordable Housing Program grants are given to projects that help provide housing to those with limited resources," says Matt Feldman, President and CEO of the Federal Home Loan Bank of Chicago. "That's exactly what Congress had in mind when it created the FHLBanks Affordable Housing Program more than 20 years ago, and it remains a critical resource to our communities today."
Eldridge Edgecombe, Senior Vice President and Community Investment Officer, added, "It is a pleasure for the Federal Home Loan Bank of Chicago to contribute to the success of these projects—and to provide quality affordable rental and owner-occupied housing that families and individuals are proud to call home."
Non-profit groups, for-profit developers, and public entities apply for the competitive AHP grants through one of the Bank's member institutions, comprising more than 775 commercial banks, savings institutions, credit unions, and insurance companies in Illinois and Wisconsin.
For more information on the specific awards, please visit the Federal Home Loan Bank of Chicago website at www.fhlbc.com.
The Federal Home Loan Bank of Chicago is an $88.6 billion wholesale bank and government sponsored enterprise that provides housing finance to more than 775 member commercial banks, savings institutions, credit unions, and insurance companies located in the 7th Federal Home Loan Bank District of Illinois and Wisconsin. The U.S. Congress created the System, which includes 12 Federal Home Loan Banks, in 1932 to promote housing finance, but the Banks are wholly owned by their member institutions. "Downpayment Plus" and "DPP" are registered trademarks of the Federal Home Loan Bank of Chicago.
SOURCE Federal Home Loan Bank of Chicago