Federal Home Loan Bank of Chicago Awards Nearly $22 Million Through Its Competitive Affordable Housing Program
CHICAGO, Nov. 20, 2014 /PRNewswire/ -- The Federal Home Loan Bank of Chicago recently awarded nearly $22 million through its competitive Affordable Housing Program (AHP) to help finance 43 affordable housing projects located primarily in Illinois and Wisconsin. Click here to view descriptions of the 2014 AHP awards.
"The 2014 AHP awards will assist in the acquisition, rehabilitation, and new construction of nearly 1,700 affordable housing units," said Suzi Thackston, Community Investment Officer, Federal Home Loan Bank of Chicago. "Our average award per project this year is $508,210, almost 45% higher than last year, resulting in deeper investments in affordable housing opportunities for homebuyers, homeowners, and renters throughout our district. We are proud to provide this level of support to help address the critical housing needs in the communities our members serve."
Each year the Federal Home Loan Bank of Chicago allocates 10% of its earnings to affordable housing programs. During 2014, those programs consisted of both the $22 million competitive AHP grant program and a $12.5 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 $338 million in competitive AHP grants and more than $122 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 $72 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.
The competitive Affordable Housing Program and Downpayment Plus 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 12 Federal Home Loan Banks, in 1932 to promote housing finance, but each Bank is wholly owned by its member institutions.
"Downpayment Plus" and "DPP" are registered trademarks of the Federal Home Loan Bank of Chicago. "Community First" is a trademark of the Federal Home Loan Bank of Chicago.
SOURCE Federal Home Loan Bank of Chicago
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