FHLBC - Community First

A Record $29.4 Million Awarded Through Competitive Affordable Housing Program

On the 25th anniversary of the Affordable Housing Program (AHP), the FHLBC is proud to announce the largest amount it has ever awarded in a single round. More than $29 million was granted through its 2015 competitive AHP to help finance 60 affordable housing projects located primarily in Illinois or Wisconsin. Click here to view descriptions of the 2015 AHP awards.

“These AHP awards will assist in the acquisition, rehabilitation, and new construction of over 2,600 housing units. This is a 47% increase over last year, which will create even more affordable housing opportunities for homebuyers, homeowners, and renters throughout our district,” said Suzi Thackston, FHLBC Community Investment Officer. “This year is a very special year for us. Not only is it the 25th anniversary of the Affordable Housing Program (#AHP25) but, with these awards, the Federal Home Loan Bank of Chicago has now invested in more than 100,000 housing units. This is a proud milestone for us, our members, and their community partners.”

“This year is a very special year for us. Not only is it the 25th anniversary of the Affordable Housing Program but, with these awards, the Federal Home Loan Bank of Chicago has now invested in more than 100,000 housing units. This is a proud milestone for us, our members, and their community partners.”Each year the FHLBC contributes 10% of its earnings to affordable housing programs. During 2015, those programs consisted of both the $29 million competitive AHP and the $17.4 million Downpayment Plus^® (DPP^®) programs. 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 $368 million in competitive AHP grants and more than $140 million in DPP grants that, combined, have helped provide housing for over 100,000 families. Non-profit organizations, for-profit developers, and public entities apply for the competitive AHP grants by working with and through one of more than 750 member institutions.

Look for details on the 2016 competitive AHP grant program in an upcoming newsletter.

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Federal Home Loan Bank of Chicago

200 East Randolph Drive
Chicago, IL 60601
www.fhlbc.com

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.

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.