The FHLBC’s 2015 Downpayment Plus® (DPP®) and Downpayment Plus Advantage® (DPP Advantage®) programs are now open with an allocation of $17 million. The DPP and DPP Advantage programs provide forgivable grants to assist income-eligible homebuyers with down payment and closing costs. Participating members may access up to $420,000—$6,000 per qualifying household—on a first-come, first-served basis. Members are encouraged to act now as the 2014 allocation was reserved quickly.
Participating members should review the Downpayment Plus Program Guide. It includes program requirements, income calculation guidelines, retention requirements, and links to various program forms. Members may wish to use customizable marketing flyers to promote their access to the program. The flyers are available in English, Spanish, Polish, and Hmong.
DPP may be paired with the Illinois Housing Development Authority’s @Home Illinois program, the down payment assistance programs offered by the Wisconsin Housing and Economic Development Authority, and the Wisconsin Department of Administration’s Housing Cost Reduction Initiative (HCRI) Program — thereby making homeownership even more affordable.
Please contact your state-specific administrator with any questions or to enroll:
Illinois League of Financial Institutions
Wisconsin Partnership for Housing Development
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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.
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