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November 15, 2018
The Federal Home Loan Bank of Chicago’s (FHLBank Chicago) Downpayment Plus® (DPP®) and Downpayment Plus Advantage® (DPP Advantage®) programs will open on January 14, 2019. In 2019, participating members may reserve up to $420,000 in the general pool on a first-come, first-served basis to help their income-eligible borrowers with down payment and closing costs. There is no limit in the DPP Advantage pool.
Members with executed program agreements do not need to re-enroll for 2019.
There are three significant changes to the DPP programs:
- The DPP program year now aligns with the calendar year. Reservations must be initiated between January 14, 2019 and December 31, 2019, so long as funds are available.
- All DPP-assisted homebuyers are required to complete pre-purchase education and counseling. Education must be delivered by a provider that has adopted the education component of the National Industry Standards for Homeownership Education and Counseling (NIS) or by an online provider approved by the FHLBank Chicago. Counseling must be delivered by a provider that has adopted the counseling component of the NIS. More details about this requirement are on the FHLBank Chicago's website.
- Effective February 1, 2019, the FHLBank Chicago will no longer accept physical checks for repayment. Instead, repayments will be drafted from members’ Daily Investment Deposit (DID) accounts. Checks received by the FHLBank Chicago will be returned to the member. An updated repayment worksheet will be included in the 2019 DPP Program Guide and published on the FHLBank Chicago’s website prior to the program opening.
Register now for one of three webinars hosted by Community Investment staff focused on the 2019 DPP programs. The three webinars include the same content.
Thursday, December 6: 10:00 – 11:00 a.m.
Wednesday, December 12: 2:00 – 3:00 p.m.
Thursday, January 17: 10:00 – 11:00 a.m.
Please contact Community Investment at 312-565-5824 or dpp@fhlbc.com with any questions.
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