The Federal Home Loan Bank of Chicago’s Downpayment Plus^® (DPP^®) programs will open for reservations on March 13, 2017. FHLBC members may access up to $420,000 on a first-come, first-served basis.   

The most significant change to DPP is that it is now a matching program. Under the new matching funds structure, members have the opportunity to serve even more homebuyers with DPP within the same member limit. 

For DPP, the maximum grant amount is the lesser of $6,000 or three times the homebuyer’s net contribution. 

Please reference the following table to understand what this looks like for your customers:

The table is an illustrative example and is not intended to suggest the grant is only awarded in three amounts. “Homebuyer’s net contribution” is defined as the homebuyer’s gross contribution minus any cash back at closing.

For DPP Advantage, the maximum grant amount remains at $6,000.

If your institution wishes to participate in the 2017 DPP programs, please follow these simple steps:

1. Confirm your institution is effective in FHLBC’s eBanking platform and DPP Online. If you need assistance, please contact FHLBC Member Support at 855-345-2244, Option 0.
2. Enroll by executing and submitting a DPP Program Agreement. Although enrollment forms may be returned at anytime, members returning their enrollment forms by February 28 are assured activation by the time the programs open.
3. Participate in a 2017 DPP Programs webinar. FHLBC staff will host three identical webinars in March. Click here to register for a session.

The 2017 Downpayment Plus Program Guide and customizable marketing brochures will be posted to the Bank’s website prior to March 13.

Please contact Community Investment at 312-565-5824 or dpp@fhlbc.com with any questions.