FHLBank Chicago Expands Down Payment Assistance Network During National Homeownership Month

During National Homeownership Month, FHLBank Chicago is highlighting expanded access to down payment assistance as more member institutions join its Downpayment Plus^® (DPP^®) Program. Four additional members began using the program in 2026, helping connect more homebuyers with forgivable grants of up to $10,000 for down payment and closing costs. So far in 2026, the new participants have supported 10 households with $100,000 in assistance across Illinois and Wisconsin. 

Read more about the program's impact and how participating institutions are helping expand access to homeownership across Illinois and Wisconsin.

Community First^® Developer Program Opens June 29

Our Community First^® Developer Program opens for applications on 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 and 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 next week.

2026 AHP Round Highlights

FHLBank Chicago's 2026 Affordable Housing Program (AHP) General Fund competitive round opened on May 4 and closed on June 12, drawing strong interest from members and project sponsors across Illinois and Wisconsin.

AHP applications by the numbers:

• Participations: FHLBank Chicago members and project sponsors jointly submitted 88 applications.
• Total funding requested: Approximately $115 million in subsidy was requested. 
• Housing Impact: Applications support the construction, acquisition, and/or rehabilitation of more than 3,400 housing units. 
• Geographic distribution: Projects are located in Illinois (48) and Wisconsin (40). 
• Project types: 73 rental and 15 homeownership applications were submitted. 
• Total development costs: Combined development costs exceed $1.2 billion. 
• Average subsidy per unit requested: $33,286.

Applications are now under review, with award announcements expected in late fall 2026.

Developer Program Convenings

FHLBank Chicago recently hosted two convenings for last year's grant recipients of our Developer Program.

The first convening took place May 25 in Milwaukee while the second occurred June 10 in Chicago. 

The events focused on bringing together past awardees to learn how the funds helped them grow their business, network with fellow awardees, and overall connect with peers in the affordable housing development industry.

Overall, 118 individuals attended with one noting, “it was an excellent event that brought energy to the reasons we are all doing this work.“

Banking on Connections Podcast: National Homeownership Month Episode

June is National Homeownership Month, and for many prospective homebuyers, affordability remains a significant challenge. In the latest episode of Banking on Connections, Angie Ashlaw, Lead Community Investment Operations Specialist, and Jamie Lutton, Manager of Community Outreach and Engagement, discuss the housing market trends impacting households across Illinois and Wisconsin and explore how FHLBank Chicago's DPP programs are helping eligible homebuyers overcome down payment and closing cost barriers.

The episode also features perspectives from member institutions on the challenges they're seeing in their communities and the impact down payment assistance can have in helping individuals and families achieve their homeownership goals.

Listen to the episode here.