The Federal Home Loan Bank of Chicago’s (FHLBank Chicago) 2022 Downpayment Plus (DPP®) and Downpayment Plus Advantage® (DPP Advantage®) programs are now open. Participating members can reserve up to $420,000 in the general pool on a first-come, first-served basis to help income-eligible borrowers with down payment and closing costs. There is no limit in the DPP Advantage pool, which allows members to access downpayment assistance on behalf of income eligible homebuyers obtaining their first mortgages from nonprofit lenders. In 2021, FHLBank Chicago awarded $18.1 million in DPP grants to over 3,300 households.
Application and Eligibility
- Members wishing to participate in the DPP programs must execute a Program Agreement with FHLBank Chicago.
- Member institutions who provided DPP funds in the previous year, must submit an Annual Certification Form before making any new reservations of funds.
- The DPP programs are accessed through eBanking—FHLBank Chicago’s member-only website.
- Reservations are on a first-come, first-served basis.
- Property may be in any state in which the member does business.
- For DPP, the member originates or funds the first mortgage. For DPP Advantage, a nonprofit originates or funds the first mortgage.
For more information on DPP, please contact Community Investment at email@example.com or 312.565.5824.