The Federal Home Loan Bank of Chicago’s (FHLBank Chicago) 2023 Downpayment Plus (DPP®) and Downpayment Plus Advantage® (DPP Advantage®) programs are now open. Participating members can reserve up to $700,000 in the general pool on a first-come, first-served basis to help income-eligible borrowers with down payment and closing costs of up to $10,000. There is no member limit in the DPP Advantage pool, which allows members to access up to $10,000 in downpayment assistance on behalf of income eligible homebuyers obtaining their first mortgages from nonprofit lenders. In 2022, FHLBank Chicago awarded $18M in DPP grants to over 3,000 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 or who have DPP grants under the five-year retention period must submit a DPP Annual Certification 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 firstname.lastname@example.org or 312.565.5824.