Community First August 2022 Newsletter

  • August 8, 2022

2022 Affordable Housing Program General Fund Update

For 32 years, members of FHLBank Chicago have partnered with community developers and public agencies to apply for Affordable Housing Program (AHP) General Fund subsidies. These grants are awarded to the highest-scoring projects through a competitive process until the funds are exhausted. The 2022 competitive round opened May 6th 2022 and closed June 10th 2022, with award announcements expected in late October.

2022 Round Highlights

  • Forty members and 48 sponsors jointly submitted 67 applications.
  • Approximately $41.9 million in AHP General Fund subsidies was requested to support the construction, acquisition, and/or rehabilitation of 3,503 housing units.
  • The applications by project location were distributed between Illinois (27) and Wisconsin (36), plus four from outside the district.
  • Fifty-two of the applications submitted were for rental projects and 15 were for homeownership projects.
  • The total development cost for the 67 projects is more than $920 million.
  • The average subsidy requested was $625,316.
  • In 2021, 78 applications requesting nearly $45.2 million were submitted, and ultimately $29.7 million was awarded.

Since 1989, FHLBank Chicago has awarded more than $539 million in AHP General Fund subsidies to support more than 88,000 housing units.

 

2022 Downpayment Plus® Program Update

The 2022 Downpayment Plus (DPP) and Downpayment Plus Advantage (DPP Advantage) programs opened on January 18th 2022 and continue to provide members easy to access down payment and closing cost assistance to help their income eligible borrowers achieve homeownership. At the end of the second quarter of 2022, we have awarded $5,494,233 in DPP grants to over 936 households.

 

FHLBank Chicago Impact Stories

FHLBank Chicago is collecting personal impact stories to showcase how community investment programs have supported people and neighborhoods in Illinois and Wisconsin. If you have been a part of an AHP awarded project, Downpayment Plus programs, Community Advances or Community First® programs, we would love to hear about how these programs have made an impact on individuals and/or communities you serve. Please contact Clara Biolo Thompson with questions, or to submit impact stories directly to cbiolothompson@fhlbc.com. Feel free to include pictures of projects.

 

Upcoming Events

September 14 – 16 | Hmong American Leadership and Economic Development (HALED) | HERE Conference

October 20 – 21 | Housing Action Illinois | Annual Housing Matters Conference

Contact Us

Please direct all media inquiries to:

Casey Reidy 
Assistant Director, Communications 
creidy@fhlbc.com
312.565.5291