Federal Home Loan Bank of Chicago Awards $20.6 Million Through Its Affordable Housing Program
The Federal Home Loan Bank of Chicago (FHLBank Chicago) today announced that $20.6 million was granted through its Affordable Housing Program (AHP) General Fund to help finance 35 housing projects located in Illinois and Wisconsin. These funds will support the acquisition, rehabilitation, and new construction of over 1,600 housing units.
“The 35 housing projects supported through our AHP General Fund reflect our continued investment in Illinois and Wisconsin communities,” said Katie Naftzger, Vice President, Community Investment Officer, FHLBank Chicago. “This program, now in its 32nd year, subsidizes the development and preservation of affordable rental and owner-occupied housing grants through our member institutions in partnership with developers, community organizations, public housing authorities, tribal governments, and other units of government.”
FHLBank Chicago annually contributes 10% of its net earnings to affordable housing programs, including both the AHP General Fund and the Downpayment Plus® (DPP®) Programs. In 2022, more than $12.2 million in forgivable DPP Program grants have been disbursed through FHLBank Chicago’s member institutions to assist with down payment and closing costs for eligible households.
Since 1989, FHLBank Chicago has awarded more than $559 million in AHP grants and more than $262 million in DPP funds to help provide housing for low- and moderate-income eligible households.
“The critical need for high-quality, affordable housing is present in rural, small town, and urban communities throughout our District, but current economic pressures provide significant challenges for development,” said Michael Ericson, President and CEO, FHLBank Chicago. “Rising interest rates, supply chain disruption and materials costs make the need for affordable housing support even more important to individual beneficiaries, members, and their communities."
For- and not-for-profit developers, units of government, public housing authorities, and tribally designated entities apply annually for AHP grants through an FHLBank Chicago member institution, which includes commercial banks, savings institutions, credit unions, insurance companies, and community development financial institutions in Illinois and Wisconsin.
2022 Affordable Housing Program (AHP) Awards
Illinois Awardees:
| Location | Project Name | Description |
|---|---|---|
| Arlington Heights | Arlington Heights PSH | IFF will provide $375,000 of AHP subsidy to Full Circle Communities, Inc. for the acquisition and new construction of 25 units of rental housing in Arlington Heights, IL. |
Chicago | 6001 W. Lawrence | CIBC Bank USA will provide $720,000 of AHP subsidy to Full Circle Communities, Inc. for the acquisition and new construction of 48 units of rental housing in Chicago, IL. |
| Chicago | Prairie District Apartments Wabash | CIBC Bank USA will provide $900,000 of AHP subsidy to Mercy Housing Lakefront for the acquisition and rehabilitation of 80 units of rental housing in Chicago, IL. |
Chicago | Brainerd Senior Preservation | BMO Harris Bank National Association will provide $900,000 of AHP subsidy to Full Circle Communities, Inc. for the acquisition and rehabilitation of 60 units of rental housing in Chicago, IL. |
| Chicago | Helping Homes Cook County City | Providence Bank & Trust will provide $357,600 of AHP subsidy to Midwest Energy Efficiency Alliance to assist 24 homeowners with the rehabilitation of a home in Chicago, IL. |
Coles (Central Site) | CCRP Region 2022 | First Mid Bank & Trust, NA will provide $300,000 of AHP subsidy to Coles County Regional Planning to assist 20 homeowners with the rehabilitation of a home in Coles, Clark, Cumberland, Douglas, Edgar, Moultrie, and Shelby counties. |
| Cook County | Helping Homes Cook County Suburbs | Providence Bank & Trust will provide $357,600 of AHP subsidy to Midwest Energy Efficiency Alliance to assist 24 homeowners with the rehabilitation of a home in Cook County, IL. |
Effingham (Central Site) | C.E.F.S. Low Income Home Rehabilitation Project | Midland States Bank will provide $360,000 of AHP subsidy to C.E.F.S. Economic Opportunity Corporation to assist 24 homeowners with rehabilitation of a home in Clay, Effingham, Fayette, Shelby, Christian, Montgomery, and Moultrie counties. |
| Peru | Diamond Senior Apartments of Peru | Associated Bank, National Association will provide $840,000 of AHP subsidy to Peoria Opportunities Foundation for the acquisition and new construction of 56 units of rental housing in Peru, IL. |
Rock Island | Apoyo Village | IFF will provide $360,000 of AHP subsidy to Rock Island County Housing Finance Corporation for the acquisition and new construction of 24 units of rental housing in Rock Island. |
| Rockford | River North Renovation | Blackhawk Bank will provide $660,000 of AHP subsidy to Stepping Stones of Rockford Inc. for the acquisition and rehabilitation of 44 units of rental housing in Rockford, IL. |
Springfield | Madison Park Place | First American Bank will provide $900,000 of AHP subsidy to Springfield Housing Authority for the acquisition and rehabilitation of 150 units of rental housing in Springfield, IL. |
| Sullivan | North Point Homes of Sullivan | First Mid Bank & Trust, NA will provide $555,000 of AHP subsidy to Bridge Builders Community Development Corporation for the acquisition and new construction of 37 units of rental housing in Sullivan, IL. |
Virden | Rimini Place | Cinnaire Lending Corporation will provide $420,000 of AHP subsidy to Macoupin Housing Services for the acquisition and new construction of 28 units of rental housing in Virden, IL. |
| Location | Project Name | Description |
|---|---|---|
| Antigo | Hogan Street Cottages and Townhomes | Nicolet National Bank will provide $750,000 of AHP subsidy to Oshkosh Kids Foundation, Inc. for the acquisition and new construction of 50 units of rental housing in Antigo, WI. |
Barron | Aspen Grove | Cinnaire Lending Corporation will provide $600,000 of AHP subsidy to The Wisconsin Partnership for Housing Development, Inc. for the acquisition and new construction of 40 units of rental housing Barron, WI. |
| Barron | Barron County Housing Redevelopment LLC | Wisconsin Bank & Trust will provide $900,000 of AHP subsidy to Barron County Housing Authority for the acquisition and rehabilitation of 70 units of rental housing in Barron WI. |
Dane(Central Site) | Movin’ Out Inc Rehabilitation Central Region 2022 | BMO Harris Bank National Association will provide $192,000 of AHP subsidy to Movin’ Out, Inc. to assist 24 homeowners with the rehabilitation of a home in Columbia, Dane, Dodge, Fond du Lac, Richland, and Sauk counties. |
| Green Bay | Bay City Lofts | Associated Bank, National Association will provide $600,000 of AHP subsidy to Lutheran Social Services of Wisconsin and Upper Michigan Inc. for the acquisition and new construction of 48 units of rental housing Green Bay, WI. |
La Crosse | Sandy Terrace Apartments | Johnson Bank will provide $900,000 of AHP subsidy to Cinnaire Solutions Corporation for the acquisition and new construction of 64 units of rental housing in La Crosse, WI. |
| Madison (Central Site) | Movin’ Out Inc Balance of State 2022 | BMO Harris Bank National Association will provide $156,000 of AHP subsidy to Movin’ Out, Inc. to assist 24 homeowners with the acquisition of a home throughout Wisconsin. |
Madison | Summit Ridge Apartments | Farmers-Merchants Bank of Illinois will provide $885,000 of AHP subsidy to AOF/Pacific Affordable Housing Corp for the acquisition and new construction of 70 units of rental housing in Madison, WI. |
| Milwaukee | McKinley School Apartments | Associated Bank, National Association will provide $585,000 of AHP subsidy to Wisconsin Preservation Fund, Inc. for the acquisition and rehabilitation of 39 units of rental housing in Milwaukee, WI. |
Milwaukee | Edison School Apartments | Cinnaire Lending Corporation will provide $900,000 of AHP subsidy to Lutheran Social Services of Wisconsin and Upper Michigan Inc. for the acquisition and rehabilitation of 75 units of rental housing in Milwaukee, WI. |
| Milwaukee | 2022 United Community Center & Consortium 1st Time Home Buyer Program | Associated Bank, National Association will provide $156,000 of AHP subsidy to United Community Center to assist 24 homeowners with the acquisition of a home in Milwaukee, WI. |
Madison | Broadway Lofts and Townhomes | Nicolet National Bank will provide $840,000 of AHP subsidy to Dane County Housing Authority for the acquisition and new construction of 75 units of rental housing in Madison, WI. |
| Oregon | CC Lane Apartments and Townhomes | Nicolet National Bank will provide $900,000 of AHP subsidy to Lutheran Social Services of Wisconsin and Upper Michigan Inc. for the acquisition and new construction of 60 units of rental housing in Oregon, WI. |
Prairie du Chien | Prairie du Chien Cottages | State Bank Financial will provide $360,000 of AHP subsidy to Couleecap, Inc. for the new construction of 24 units of rental housing in Prairie Du Chien, WI. |
| Rice Lake | Historic St. Joseph Apartments | Cinnaire Lending Corporation will provide $705,000 of AHP subsidy to Movin’ Out, Inc. for the acquisition, rehabilitation, and new construction of 47 units of rental housing in Rice Lake, WI. |
Sheboygan | VUE 14 | Cinnaire Lending Corporation will provide $600,000 of AHP subsidy to The Wisconsin Partnership of Housing Development, Inc. for the acquisition and new construction of 48 units of rental housing in Sheboygan WI. |
| Vernon (Central Site) | 2022 Weatherization Deferral Program | Citizens State Bank of La Crosse will provide $360,000 of AHP subsidy to Couleecap, Inc. to assist 24 homeowners with the rehabilitation of a home in Crawford, La Crosse, Monroe, and Vernon counties. |
Vernon (Central Site) | 2022 First Time Homebuyer Program | Coulee Bank will provide $156,000 of AHP subsidy to Couleecap, Inc. to assist 24 homeowners with the acquisition of a home in Crawford, La Crosse, Monroe, and Vernon counties. |
| Vernon (Central Site) | 2022 Coulee Region Home Preservation Program | State Bank Financial will provide $360,000 of AHP subsidy to Couleecap, Inc. to assist 24 homeowners with the rehabilitation of a home in Westby, WI. |
White Water | University Gardens | First Business Bank will provide $900,000 of AHP subsidy to Wisconsin Housing Preservation Corp, for the acquisition and rehabilitation of 108 units of rental housing in Whitewater, WI. |