June is National Homeownership Month
Current market conditions have made financing a home more challenging, adding to the demand for resources to support affordable homeownership. In response, the Federal Home Loan Bank of Chicago (FHLBank Chicago) has expanded funding of its Downpayment Plus® (DPP®) grant program bringing the total 2023 program budget to $42 million. The addition represents a 133% increase over 2022 grant assistance program funding for qualified home buyers
Recently, first time home buyer Kristian Catalan received a Downpayment Plus grant through member, CIBC Bank USA. “Being able to purchase my first home is not only exciting, it is putting me on a path for healthy financial stability for my family,” said Catalan. “I’m grateful for the FHLBank Chicago’s Downpayment Plus program as it was able to bridge the gap in my financing.” Read more here.
Affordable Housing Program General Fund Closes June 9
FHLBank Chicago has published
recorded webinars on the 2023 AHP General Fund. These webinars are organized by topic, including: 1) Overview and Eligibility; 2) Feasibility; 3) Scoring; 4) Post-Award Compliance; 5) Key Changes for 2023; and 6) Guide Against Common Mistakes.
2023 HUD Income Limits Statement Submission Begins
The United States Department of Housing and Urban Development (HUD) has released median income limits for 2023. Effective June 1, these limits are used to determine income eligibility for FHLBank Chicago’s AHP General Fund, DPP, and Community Advances. Additional information and resources are forthcoming on our
HUD Income Guidelines webpage.
Community Support Program – Statement Submission Begin
To maintain access to FHLBank long-term credit and Community Investment products, FHLBank members are required to submit a Community Support Statement (CSS) to the Federal Housing Finance Agency (FHFA) every two years to document their Community Reinvestment Act (CRA) performance and record of lending to first-time homebuyers.
The 2023 Community Support Program (CSP) opened on April 3, 2023. Members subject to Community Support review must submit a CSS by October 31, 2023, using the online
CSP system. More information on Community Support review, including a list of members subject to review, can be found on our
Community Support Program webpage. Please contact us at
communitysupportprogram@fhlbc.com with any questions.
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