June 22, 2018
First and foremost, thank you to our members and their partners for submitting applications in the 2018 competitive Affordable Housing Program (AHP) round.
For 28 years, members of the Federal Home Loan Bank of Chicago (FHLBank Chicago) have worked with community developers and public agencies to apply for AHP subsidies. These grants are awarded to the highest-scoring projects through a competitive process until the funds are exhausted. The 2018 competitive round closed on June 15.
Some member and sponsor applicants will receive a request for clarification during one of the following weeks: July 30, August 27, or September 17. The date on which a clarification request is sent is not an indication of competitiveness, nor will all applicants receive a request for clarification.
Highlights
1. 45 members and 63 sponsors jointly submitted 91 applications.
2. Approximately $51.8 million in competitive AHP subsidies was requested to support the construction, acquisition, and/or rehabilitation of 4,747 housing units.
3. The FHLBank Chicago expects to award $25.1 million this year.
4. The applications by project location were distributed between Illinois (32) and Wisconsin (48), plus 11 from outside the district.
5. 70 of the applications submitted were for rental projects and 21 were for homeownership projects.
6. The total development cost for the 91 projects is more than $893 million.
7. The average subsidy requested was $569,655.
8. All applicants will be notified of the status of their application in early December.
9. In 2017, 117 applications requesting nearly $61 million were submitted, and ultimately $26.4 million was awarded.
10. Since 1989, the FHLBank Chicago has awarded approximately $427.5 million in competitive AHP subsidies to support more than 79,000 housing units.
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