Products and Programs
1 Min Read

2024 Downpayment Plus® Programs Now Open

Published on Jan 16, 2024

The Federal Home Loan Bank of Chicago’s (FHLBank Chicago) 2024 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. Additionally, members can reserve up to $700,000 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 2023, FHLBank Chicago awarded $33.36M in DPP grants to 3,588 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.