FHLBC - Community First

Nearly $22 Million Awarded Through 2014 Competitive Affordable Housing Program

The Federal Home Loan Bank of Chicago (FHLBC) recently announced awards of nearly $22 million through its competitive Affordable Housing Program (AHP) to help finance nearly 1,700 units of affordable housing in 43 projects, all but one located in Illinois or Wisconsin. Click here to read a summary of the awards.

“Our average award per project this year is $508,210, almost 45% higher than last year, resulting in deeper investments in affordable housing opportunities for homebuyers, homeowners, and renters throughout our district,” said Suzi Thackston, FHLBC Community Investment Officer. “We are proud to provide this level of support to help address the critical housing needs in the communities our members serve.”

Each year the FHLBC allocates 10% of its earnings to affordable housing programs. During 2014, those programs consisted of both the $22 million competitive AHP grant program and a $12.5 million Downpayment Plus® (DPP®) program; DPP provides forgivable grants through the Bank’s member institutions to assist with down payment and closing costs for eligible households.

Since 1989, the FHLBC has awarded more than $338 million in competitive AHP grants and more than $122 million in DPP funds that have helped provide housing for income-eligible families. Nonprofit organizations, for-profit developers, and public entities apply for the competitive AHP grants through one of more than 750 FHLBC member institutions. Look for details on the 2015 competitive AHP grant program in an upcoming newsletter.

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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. We hope you enjoyed this email communication; however, if you would like to unsubscribe please click here.

Copyright © 2014, 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.