The Federal Home Loan Bank of Chicago recently awarded more than $19 million through its competitive Affordable Housing Program (AHP) to help finance 58 affordable housing projects located primarily in Illinois and Wisconsin. Click here to view descriptions of the 2012 AHP projects.
“These rental and ownership projects will provide more than 2,700 affordable housing units to individuals and families who need a home that they can afford,” says Sam Nicita, Community Investment Officer at the Federal Home Loan Bank of Chicago. “The number of units being built, rehabilitated, or purchased with AHP subsidy in rural communities is up more than 50 percent over the last year, which speaks to the need for affordable rural housing and the quality of the projects submitted to us in our competitive round. We understand that rural housing markets provide fewer affordable housing options, so we are pleased that more of these needs will be addressed in the near future.”
The Federal Home Loan Bank of Chicago allocates 10% of its earnings to affordable housing programs. During 2012, those programs consisted of both the $19 million competitive AHP grant program and a $12 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 1990, the Federal Home Loan Bank of Chicago has awarded more than
$286 million in competitive AHP grants and more than $90 million in DPP funds that have helped provide housing for families whose incomes are 80% or less of the area median income.
Non-profit 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 760 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.