BMO Harris Bank Receives Awards for 15 Affordable Housing Projects

CHICAGO, Dec. 20, 2011 /PRNewswire/ -- BMO Harris Bank today announced it has received awards from the Federal Home Loan Bank of Chicago (FHLBC) for 15 affordable housing projects. BMO Harris Bank's awards total $4,986,833, representing 605 units of rental housing and 228 units of owner-occupied housing.

The FHLBC's Affordable Housing Program (AHP) assists in the creation and preservation of affordable housing. This year's program received 167 applications requesting AHP funds. The $21.3 million FHLBC is awarding will support 72 projects.

"This additional source of funding can make the difference between a housing project being completed on time or having to wait a year or longer for financing -- which can make a world of difference to the economic state of our communities," said Judy Rice, senior vice president, Community Affairs and Economic Development, BMO Harris Bank.

Member banks are limited to 25% of the total $21.3 million allocation and this year, BMO Harris Bank nearly maxed out their award having received 23.3% of the total funds. BMO Harris Bank housing project locations supported by these funds include Chicago, Elgin, Mount Prospect, Summit, Northlake, and Rockford in Illinois and Milwaukee, Wausau, Oshkosh, LaCrosse and Sheboygan in Wisconsin.

FHLBC members can apply for AHP funds on behalf of community projects, which the FHLBC awards through a competitive process. FHLBC shareholders, local developers, community organization and public agencies will leverage these funds with other financing sources to purchase, construct, rehabilitate, or preserve almost 4,000 affordable rental or owner-occupied units.

About BMO Harris Bank
Based in Chicago, BMO Harris Bank N.A. provides a broad range of personal banking products and solutions through approximately 700 branches and approximately 1,350 ATMs in Illinois, Wisconsin, Indiana, Kansas, Missouri, Minnesota, Nevada, Arizona and Florida. BMO Harris Bank's commercial banking team provides a combination of sector expertise, local knowledge and mid-market focus throughout the U.S.  Deposit and loan products and services provided by BMO Harris Bank N.A. Member FDIC. BMO Harris Bank(SM) is a trade name used by BMO Harris Bank N.A. BMO Harris Bank is part of BMO Financial Group, a North American financial organization with 1,600 branches, and a retail deposit base of approximately $180 billion.

BMO Harris Bank is a trade name used by BMO Harris Bank N.A. Banking deposit and loan products and services are provided by BMO Harris Bank N.A. Member FDIC. Brokerage products are offered through Harris Investor Services, Inc. (HIS), a registered broker/dealer, member FINRA/SIPC, and SEC-registered investment advisor. Insurance products are offered through Harris Bancorp Insurance Services, Inc. (HBIS). Investment banking services are provided by BMO Capital Markets Corp. (BMOCMC) and BMO Capital Markets GKST, Inc. (GKST), a Municipal Bond Dealer and member FINRA and SIPC. Financial planning and investment advisory services are provided by Sullivan, Bruyette, Speros & Blayney, Inc. (Harris SBSB), an SEC registered investment advisor. Family Office Services are provided by Harris myCFO, Inc. Investment advisory services are offered by Harris myCFO Investment Advisory Services LLC (Harris myCFO), an SEC-registered investment advisor and wholly-owned subsidiary of Harris myCFO, Inc. Stoker Ostler Wealth Advisors (Stoker Ostler) is an SEC-registered investment advisor. Investment advisory services to institutional clients are provided by Harris Investment Management (HIM) or its wholly-owned subsidiary HIM Monegy (Monegy), SEC-registered investment advisors. Products offered by HIS, HBIS, BMOCM, Harris SBSB, Harris myCFO, Stoker Ostler, HIM, and Monegy, which are affiliated companies and wholly owned subsidiaries of BMO Financial Corp.,: Are not insured by the FDIC or any Federal Government Agency, not a deposit of or guaranteed by any Bank or Bank Affiliate, may lose value. The purchase of insurance or an annuity is not a condition to any bank loan or service. Not all products and services are offered in every state and/or location.

NMLS# 401025

SOURCE BMO Harris Bank

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