Downpayment Plus® Program (DPP®) Repayment Worksheet - Proxy Sale Price Updates

March 10, 2020

DPP beneficiaries who sell their property within the five-year retention period have several forgiveness opportunities for the remaining amount due. The FHLBank Chicago allows members to use a proxy method, based on the United States Department of Housing and Urban Development (HUD) sales price data, to determine whether the subsequent homebuyer is likely to be a low- or moderate-income household, thus retaining the housing as affordable. If the subsequent sales price is at or below the sales price, the amount due is forgiven. 

The repayment worksheet has been updated with HUD’s new sales price data to be used for DPP grant repayments effective April 1, 2020. The updated repayment worksheet includes two tabs. The first tab should be used for sales effective April 1, 2020, and beyond. The second tab should be used for sales from January 1, 2020 through March 31, 2020. For sales prior to January 1, 2020, the proxy method is not an option.

Please contact Community Investment at 312-565-5824 or dpp@fhlbc.com with any questions.
Federal Home Loan Bank of Chicago
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Chicago, IL 60601
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