FHLBC - Community First

2015 Downpayment Plus^® Programs Opening March 16

The FHLBC’s Downpayment Plus^® (DPP^®) and Downpayment Plus Advantage^® (DPP Advantage^®) programs are opening March 16. FHLBC members may reserve up to $420,000 in 2015 on a first-come, first-served basis to help their income eligible customers with down payment and closing costs. The Illinois League of Financial Institutions and the Wisconsin Partnership for Housing Development, the DPP Program administrators, will provide enrollment instructions via email to eligible members soon. Attend a DPP webinar to learn more.

2015 DPP Programs Webinar
Tuesday, March 3, at 10:00 a.m. – Click here to register.
Thursday, March 12, at 1:00 p.m. – Click here to register.
*Please note: The content is the same for each webinar.

About DPP and DPP Advantage
The DPP and DPP Advantage programs provide forgivable grants to assist with down payment and closing costs for households with incomes at or below 80% of the area median income.

Please note the following details for the 2015 programs:

• The maximum grant to eligible households is $6,000.
• The member limit is $420,000.
• Reservations are on a first-come, first-served basis no more than 90 days prior to loan closing until the annual allocation is exhausted.
• The member originates or funds the first mortgage.
• Grants are forgiven on a monthly basis over a five-year retention period.
• Properties may be in any state in which the member does business. Retention agreements are available for properties located in Illinois or Wisconsin. If the property is outside of Illinois or Wisconsin, the member is responsible for preparing and executing an enforceable retention agreement in each state where it provides a DPP grant.

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This newsletter contains forward-looking statements which are based upon our current expectations and speak only as of the date hereof. These statements may use forward-looking terms, such as “anticipates”, “believes”, “expects”, “could”, “plans”, “estimates”, “may”, “should”, “will,” or their negatives or other variations on these terms.We caution that, by their nature, forward-looking statements involve risk or uncertainty, that actual results could differ materially from those expressed or implied in these forward-looking statements, and that actual events could affect the extent to which a particular objective, projection, estimate, or prediction is realized. These forward-looking statements involve risks and uncertainties including, but not limited to, the risk factors set forth in our periodic filings with the Securities and Exchange Commission, which are available on our website at www.fhlbc.com. We assume no obligation to update any forward-looking statements made in this newsletter.

Copyright © 2015, Federal Home Loan Bank of Chicago. “Downpayment Plus,” “DPP,” "Downpayment Plus Advantage," and "DPP Advantage" are registered trademarks of the Federal Home Loan Bank of Chicago. "Community First" is a registered trademark of the Federal Home Loan Bank of Chicago.