For 29 years, members of the Federal Home Loan Bank of Chicago (FHLBank Chicago) have partnered with community developers and public agencies to apply for Affordable Housing Program (AHP) subsidies. These grants are awarded to the highest-scoring projects through a competitive process until the funds are exhausted. The 2019 competitive round closed on June 14.
Some member and sponsor applicants will receive a request for clarification during one of the following weeks: July 29, August 26, or September 16. The date on which a clarification request is sent is not an indication of competitiveness, nor will all applicants receive a request for clarification.
1. Forty-one members and 51 sponsors jointly submitted 71 applications.
2. Approximately $42.6 million in competitive AHP subsidies was requested to support the construction, acquisition, and/or rehabilitation of 4,403 housing units.
3. The FHLBank Chicago expects to award $23.8 million this year.
4. The applications by project location were distributed between Illinois (20) and Wisconsin (46), plus five from outside the district.
5. Fifty-four of the applications submitted were for rental projects and 17 were for homeownership projects.
6. The total development cost for the 71 projects is more than $885 million.
7. The average subsidy requested was $599,734.
8. All applicants will be notified of the status of their application in early December.
9. In 2018, 91 applications requesting nearly $51.8 million were submitted, and ultimately $28.3 million was awarded.
10. Since 1989, the FHLBank Chicago has awarded more than $455 million in competitive AHP subsidies to support 81,591 housing units.