Community First December 2022 Newsletter

  • December 5, 2022

2023 Downpayment Plus® Program Grant Increases to $10,000

The 2023 Downpayment Plus (DPP®) and Downpayment Plus Advantage® (DPP Advantage®) Programs will open Tuesday, January 17. In 2023 participating members may reserve funds on a first-come, first-served basis to help their income-eligible borrowers with down payment and closing costs. To acknowledge the impacts of increased interest rates and housing costs, FHLBank Chicago has increased the maximum grant amount to $10,000 and member limit to $700,000. Additionally, we will accept Fannie Mae HomeView as an approved online provider for pre-purchase homebuyer education. Learn about key changes to the 2023 programs by reading our recent bulletin and registering for a 2023 DPP webinar. Contact us at dpp@fhlbc.com with any questions.

 

AHP Announcement $20.6 Million Awarded Through 2022 Affordable Housing Program General Fund

FHLBank Chicago announced that it has awarded $20.6 million in grants through the 2022 Affordable Housing Program (AHP) General Fund. Thirty-five awards were made to support the new construction, acquisition, and/or rehabilitation of over 1,600 housing units. For more details, read the announcement.

 

Community First® Diverse Developer Initiative Awards Announced

The FHLBanks are proud to sponsor the FHLBank Chicago announced the 2022 recipients of its Community First® Diverse Developer Initiative. Ten organizations, in partnership with eight members, were awarded nearly $1.3 million of The FHLBank Chicago’s $3 million commitment to this program. These funds will support internships and fellowships, and skills training for emerging developers and support organizations with the long range mission to expand the pipeline of diverse developers in Illinois and Wisconsin. Read more about the 2022 Award Recipients.

 

Introducing the 2023 Community Investment Advisory Council

FHLBank Chicago’s Board of Directors recently appointed four new members and two re-appointed members to the Community Investment Advisory Council. Read more about the new and returning members. We are excited to work with these affordable housing and community lending leaders!

 

Project Spotlight: The Meadows 

The Meadows Apartments project was awarded an AHP subsidy of $480,000 in the 2020 AHP General Fund Round. The project was sponsored by Cinniare Solutions Corporation and FHLBank Chicago Member, Town Bank in Heartland Wisconsin. The project is comprised of two, 16-unit town-home style buildings. These two and three bedroom units are available exclusively to agricultural workers and their families. This development is meant to fill a critical gap in affordable workforce housing, specifically for dairy farm workers, in the Darlington, Wisconsin area.

 

Upcoming Events

December 6 | 2023 FHLBank Chicago Downpayment Plus Programs Webinar

December 13 | 2023 FHLBank Chicago Downpayment Plus Programs Webinar

January 10 | 2023 FHLBank Chicago Downpayment Plus Programs Webinar

 

Contact Us

Please direct all media inquiries to:

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