Housing & Community Development Grants

In partnership with our members, we deliver innovative grant programs that address critical housing needs, promote homeownership, and support economic growth across communities in Illinois and Wisconsin.

Program Highlights

Affordable Housing Program (AHP)

Through our Affordable Housing Program (AHP) General Fund, we support the acquisition, new construction and/or rehabilitation of rental or owner-occupied housing for low- and moderate-income households. Our members partner with for-profit and nonprofit developers, community organizations, units of government, public housing authorities, and tribal governments to apply for our annual grant program. 

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Downpayment Plus® Programs

Our Downpayment Plus and Downpayment Plus Advantage programs provide our members with easy-to-access downpayment and closing cost assistance for low- and moderate-income homebuyers, reducing hurdles to homeownership and providing opportunities to build home equity. Our members provide first mortgage financing to access DPP grants. 


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Developer Program

Our Developer Program provides nonprofit and for-profit organizations with grant funds to support career development for emerging developers of affordable housing. Through our member institutions, we offer grants to help qualifying organizations provide valuable professional opportunities to new talent and further their affordable housing mission. 

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Housing Counseling Resource Program

Our Housing Counseling Resource Program provides grants to housing counseling agencies in Illinois and Wisconsin to facilitate expanded service to low- and moderate-income and underrepresented homebuyers and existing homeowners. Two FHLBank Chicago housing associates, Illinois Housing Development Authority (IHDA) and Wisconsin Housing and Economic Development Authority (WHEDA), administer the Housing Counseling Resource Program on behalf of FHLBank Chicago. 

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Affordable Housing Program (AHP)

Through our Affordable Housing Program (AHP) General Fund, we support the acquisition, new construction and/or rehabilitation of rental or owner-occupied housing for low- and moderate-income households. Our members partner with for-profit and nonprofit developers, community organizations, units of government, public housing authorities, and tribal governments to apply for our annual grant program. 

Learn More

Downpayment Plus® Programs

Our Downpayment Plus and Downpayment Plus Advantage programs provide our members with easy-to-access downpayment and closing cost assistance for low- and moderate-income homebuyers, reducing hurdles to homeownership and providing opportunities to build home equity. Our members provide first mortgage financing to access DPP grants. 


Learn More

Developer Program

Our Developer Program provides nonprofit and for-profit organizations with grant funds to support career development for emerging developers of affordable housing. Through our member institutions, we offer grants to help qualifying organizations provide valuable professional opportunities to new talent and further their affordable housing mission. 

Learn More

Housing Counseling Resource Program

Our Housing Counseling Resource Program provides grants to housing counseling agencies in Illinois and Wisconsin to facilitate expanded service to low- and moderate-income and underrepresented homebuyers and existing homeowners. Two FHLBank Chicago housing associates, Illinois Housing Development Authority (IHDA) and Wisconsin Housing and Economic Development Authority (WHEDA), administer the Housing Counseling Resource Program on behalf of FHLBank Chicago. 

Learn More

Funding That Builds Stronger Communities

Our housing and community development grants provide essential funding to support local initiatives. By addressing unique community needs, we foster sustainable growth and enhance the quality of life.

  • Tailored funding for impactful community projects and housing solutions.
  • Strengthening neighborhoods through strategic investment and support.
  • Driving positive change with accessible grant opportunities.

Explore Our Impact

Discover how we're making a difference in communities.

Download Report Report Summary

What Our Members Are Saying

Member Testimonials
“The Federal Home Loan Bank of Chicago’s mission has helped strengthen our community. We’ve been utilizing the Downpayment Plus Program since 2009, and since then we’ve been able to disperse over $7 million in funds to the community, to these homeowners, and over 1,200 families that have been assisted.”
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Sandy DeMond

SVP, Director of Community Banking, Busey Bank

“The Downpayment Plus programs are instrumental in making homeownership accessible for individuals and families in our communities. These grants enable us to meet homebuyers where they are, providing resources to overcome financial barriers and create lasting impact.”

Eduardo Herrera-Mier

Director of Multi-Cultural & Affordable Lending, Associated Bank

“[AHP] grants make a meaningful difference—enabling critical updates like roof repairs, system replacements, and other improvements that help preserve the homes people rely on. They strengthen the housing stock and help maintain the fabric of our communities.”
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Kayla Aaron

Regional Retail Loan Manager, First Mid Bank & Trust

“FHLBank Chicago’s programs have been pivotal in supporting tribal nations like Oneida. The Developer Program afforded me the opportunity to travel to remote tribal nations and communities to gain valuable training and mentorship. Additionally, the Affordable Housing Program has been instrumental in bridging critical funding gaps that historically hindered tribal development.”
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Pete King

CEO, King Solutions, and member of 1822 Land & Development Company