CHICAGO, Dec. 1, 2015 /PRNewswire/ -- On the 25th anniversary of the Affordable Housing Program (AHP), the Federal Home Loan Bank of Chicago is proud to announce the largest amount it has ever awarded in a single round. More than $29 million was granted through its competitive AHP to help finance 60 affordable housing projects located primarily in Illinois and Wisconsin. Visit www.fhlbc.com to view descriptions of the 2015 AHP awards.
"These AHP awards will assist in the acquisition, rehabilitation, and new construction of over 2,600 housing units. This is a 47% increase over last year, which will create even more affordable housing opportunities for homebuyers, homeowners, and renters throughout our district," said Suzi Thackston, FHLBC Community Investment Officer. "This year is a very special year for us. Not only is it the 25th anniversary of the Affordable Housing Program (#AHP25) but, with these awards, the Federal Home Loan Bank of Chicago has now invested in more than 100,000 housing units. This is a proud milestone for us, our members, and their community partners."
Each year, the Federal Home Loan Bank of Chicago allocates 10% of its earnings to affordable housing programs. During 2015, those programs consisted of both the $29 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 $368 million in competitive AHP grants and more than $140 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; 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 $69.8 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. For more information about the Federal Home Loan Bank of Chicago, please visit www.fhlbc.com. Follow @FHLBC as we celebrate the 25th anniversary of the Affordable Housing Program, #AHP25.
The competitive AHP and DPP programs are funded separately from the Federal Home Loan Bank of Chicago's Community First® Fund, a $50 million revolving loan fund that provides direct support to community development financial institutions, community development loan funds, and state housing finance agencies serving Illinois and Wisconsin.
The U.S. Congress created the Federal Home Loan Bank System, which includes 11 Federal Home Loan Banks, in 1932 to promote housing finance, but each Bank is wholly owned by its member institutions.
"Community First," "Downpayment Plus," and "DPP" are registered trademarks of the Federal Home Loan Bank of Chicago.
SOURCE Federal Home Loan Bank of Chicago