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AHP Supports Brainerd Senior Center Rehabilitation in Chicago
FHLBank Chicago joined BMO, Full Circle Communities, and local partners to celebrate the grand opening of the Brainerd Senior Center, a newly rehabilitated affordable housing community on Chicago’s South Side. Through member BMO, FHLBank Chicago awarded a $900,000 Affordable Housing Program (AHP) grant to support the project, helping preserve long-term affordable housing for seniors, including those with disabilities.
Located in the Washington Heights neighborhood, the six-story building includes 60 affordable apartments for residents age 55 and older. Renovations modernized units, improved accessibility, and enhanced shared spaces, while on-site supportive services provide resources focused on health, wellness, and social engagement—supporting residents in maintaining stability and aging in place.
AHP General Fund Opens May 4
FHLBank Chicago has allocated $51M to its 2026 AHP General Fund. Applications will be accepted beginning Monday, May 4, 2026, through 5:00 p.m. CT on Friday, June 12, 2026.
The Guides for Sponsor Applicants for Rental and Owner-Occupied Projects, the Guide for Member Applicants , and majority of the application exhibits are posted to our AHP Program Policy and Forms webpage. Please note that we are waiting for the release of 2026 HUD Income Limits and will update the impacted application exhibits such as the Financial Feasibility Workbooks and Tenant Income Worksheets once we have this information. Potential applicants are encouraged to review these resources. An amended 2026 Implementation Plan was recently posted on the website.
Lastly, earlier this month, we hosted three AHP Webinars: Overview for Rental Projects, Overview for Owner-Occupied Projects, and Experienced Users. Recordings of the webinars are available on the AHP webpage under the AHP Resources section for those who were unable to attend.
Community First Developer Program Opens June 29
Our Community First® Developer Program opens Monday, June 29, 2026 and closes July 31, 2026.
Eligible applicants include nonprofit, for-profit, and quasi-governmental organizations looking to onboard aspiring developers of affordable housing in FHLBank Chicago’s district of Illinois and Wisconsin. This may include regional and national organizations with a footprint in the district. Applications are submitted in partnership with an FHLBank Chicago member.
Eligible uses for the 2026 program include funds to organizations supporting compensation for internships/fellowships that provide meaningful professional experience in the affordable housing development industry. The target grant amount is $50,000 to $200,000 per beneficiary organization. Requests for other grant amounts will be considered on a case-by-case basis.
A recorded webinar plus application materials and other resources will be available on our website in the coming weeks.
MPF Habitat for Humanity Program
The Mortgage Partnership Finance® (MPF®) Habitat for Humanity® Program opened on Friday, March 6, 2026.
This program offers loans originated to homebuyers working with Habitat for Humanity Illinois and Wisconsin affiliates a mortgage interest rate approximately 250 bps below market, while the FHLBank Chicago Participating Financial Institutions (PFIs) with an open MPF Traditional Master Commitment receives a fixed, premium price of 101.
The rate reduction is offered on a first-come, first-served basis until funding is fully reserved, or through the end of the year.
For a closer look at how the program was developed and what it means for Habitat affiliates and participating financial institutions, listen to the latest episode of our Banking on Connections podcast, featuring leaders from FHLBank Chicago and Habitat for Humanity.
Community Advance
Our Community Advance product expands access to subsidized funding that helps our members advance affordable housing and economic development across Illinois and Wisconsin.
Backed by $55 million in annual interest rate subsidy, the Community Advance offers interest rate discounts of up to 200 basis points, higher per-member limits, and a more streamlined application process. These enhancements are designed to help members move critical housing and community development projects forward.
Learn how members are using the Community Advance product to support housing projects in their communities.