Federal Home Loan Bank of Chicago Announces $8,000 Downpayment Plus® Program Grants for Eligible Homebuyers

CHICAGO, March 12, 2012 /PRNewswire/ -- The Federal Home Loan Bank of Chicago's Downpayment Plus (DPP®) programs open today. Financial institutions in Illinois and Wisconsin that are members of the Federal Home Loan Bank of Chicago can provide $8,000 subsidies to eligible borrowers to whom they are providing mortgages. The subsidy may be used for down payment and closing cost assistance, homebuyer counseling costs, and/or eligible rehabilitation costs associated with the purchase of a home.

In 2012, the Federal Home Loan Bank of Chicago is allocating $10 million for its DPP programs. Eligible households can obtain up to $8,000 through a financial institution that is a member of the Federal Home Loan Bank of Chicago and participates in the DPP programs. Homebuyers can see a list of members at www.fhlbc.com.

"While you won't find branches of the Federal Home Loan Bank of Chicago on neighborhood street corners, we are an important factor in housing finance through our member institutions in Illinois and Wisconsin," said Matt Feldman, President and CEO of the Federal Home Loan Bank of Chicago. "One of the ways we help build communities is through the Downpayment Plus programs, which provide eligible borrowers with good credit and a steady income the helping hand they might need with the down payment for a home."

Funds are available to members of the Federal Home Loan Bank of Chicago on a first-come, first-served basis until the annual allocation is exhausted. Each participating member institution can access $400,000 on behalf of their customers. Homebuyers must meet income eligibility requirements, occupy the home as their primary residence, and contribute at least $1,000 to the purchase of the home as well as participate in homebuyer and financial literacy counseling.

Accessing Funds
Members of the Federal Home Loan Bank of Chicago can access DPP funds on behalf of their customers by contacting the DPP administrator in their state:

Illinois
Illinois League of Financial Institutions, 800-237-1936, www.ilfi.org

Wisconsin
Wisconsin Partnership for Housing Development, 888-318-4486, www.wphd-dpp.org

Community organizations that would like to secure DPP funds for clients through the DPP Advantage® program should contact a participating member of the Federal Home Loan Bank of Chicago. For a list of Federal Home Loan Bank of Chicago members that are offering the DPP program this year, contact the administrator in your state.

For more information about both the DPP and the DPP Advantage programs, please visit the Federal Home Loan Bank of Chicago website at www.fhlbc.com. Then click on "Community Investment."

About the Federal Home Loan Bank of Chicago
The Federal Home Loan Bank of Chicago is a $71.3 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. 

The U.S. Congress created the Federal Home Loan Bank 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," "DPP," and "DPP Advantage" are registered trademarks of the Federal Home Loan Bank of Chicago.

SOURCE Federal Home Loan Bank of Chicago

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