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.

Online Resources

2023 DPP Program Guide

Video Guides

Marketing Guides

Homebuyer Education and Counseling 

Learn More

For more information on DPP, please contact Community Investment at dpp@fhlbc.com or 312.565.5824.