Home Loans - Federal Home Loan Bank Of Chicago Earmarks Additional Funds For Affordable Housing Program

To aid in financing more than a thousand home units, the Federal Home Loan Bank of Chicago recently earmarked $4.6 million via the bank’s Competitive Affordable Housing Program award process.

Over the past year, the bank’s programs were primarily made up of the Competitive AHP listed above and a $2 billion grant named Downpayment Plus. The bank has given out over $242 million in AHP and over $68 million in DPP money to households whose median incomes are 80% or less in the surrounding area.

“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.”

Several business entities are eligible to apply including non-profit groups, for-profit developers, and publicly owned businesses. They can apply through one of the bank’s many institutions in Illinois and Wisconsin.