The Federal Home Loan Bank of Chicago (FHLBC) has granted more than $23.5 million to help finance 39 projects through its competitive Affordable Housing Program (AHP).
"There is a very real need for more quality affordable housing. With these AHP awards, we are investing in the acquisition, rehabilitation, and new construction of over 2,000 housing units," Suzi Thackston, FHLBC's community investment officer, said. "The Community Investment Group offers products and services to help our members meet the affordable housing and economic development needs of the people, businesses, and communities they serve. Exclusive access to these resources is a value of membership at the Federal Home Loan Bank of Chicago."
The FHLBC allocates 10 percent of its earnings annually to affordable housing programs. This year, the programs included the AHP grant program and an $18.7 million Downpayment Plus program (DPP) that provides forgivable grants to help with downpayments and closing costs for eligible households.
Since 1989, the bank has awarded more than $398 million in competitive AHP grants and another $158 million in DPP funds.
Nonprofit groups, for-profit developers and public entities can apply for the grants through one of the bank's 740 member institutions.
For more information about the Federal Home Loan Bank of Chicago, visit www.fhlbc.com.