CHICAGO, Dec. 1, 2017 /PRNewswire/ -- The Federal Home Loan Bank of Chicago (FHLBank Chicago) today announced that more than $24.1 million was granted through its competitive Affordable Housing Program (AHP) to help finance 42 affordable housing projects located primarily in Illinois and Wisconsin. Some of the projects this year include historic preservation, creatively repurposing existing buildings, and housing to benefit seniors, veterans, and individuals experiencing homelessness. Specific descriptions of the 2017 AHP awards can be viewed here.
"Today we announce another significant investment in affordable housing," commented Suzi Thackston, FHLBank Chicago Community Investment Officer. "The 42 projects and programs receiving an award are as diverse as the district we serve. We thank our member institutions for giving us this opportunity and applaud them as they work together with their partners to create affordable housing options for renters, homebuyers, and homeowners."
Each year, the FHLBank Chicago contributes 10% of its earnings to affordable housing programs, including both the competitive AHP and the Downpayment Plus® (DPP®) programs. In 2017, DPP provided more than $17 million in forgivable grants through the FHLBank Chicago's participating member institutions to assist with down payment and closing costs for eligible households.
Since 1989, the FHLBank Chicago has awarded more than $425 million in competitive AHP grants and more than $173 million in DPP funds to help provide housing for moderate income homebuyers.
"Access to affordable housing is essential to our communities' health, so we're pleased that awareness of these programs continues to grow," said Diane Schobert, Chair of the FHLBank Chicago's Community Investment Advisory Council. "This year we saw 30 first-time applicants to the competitive Affordable Housing Program, including five by FHLBank Chicago member institutions and 25 from sponsor organizations."
For- and not-for-profit developers, units of government, public housing authorities, and tribally designated entities apply for the competitive AHP grants through one of the FHLBank Chicago's 717 member institutions, which include 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
For more information about the FHLBank Chicago and its full range of Community Investment programs, please visit www.fhlbc.com or @FHLBC. "Downpayment Plus" and "DPP" are registered trademarks of the FHLBank Chicago.
SOURCE Federal Home Loan Bank of Chicago