The FHLBC’s 2017 Downpayment Plus programs are now open with an allocation of $13.3 million. DPP^® and DPP Advantage^® provide forgivable grants to assist income-eligible homebuyers with down payment and closing costs. Participating members may access up to $6,000, based on a 3:1 match of the homebuyer's net contribution, per qualifying household on a first-come, first-served basis; the member limit remains $420,000. To participate in the DPP programs, FHLBC member institutions need to complete and return a DPP Program Agreement. 
 
Members should review the Downpayment Plus Program Guide. It includes program requirements, income calculation guidelines, retention requirements, and links to various program forms. Members may wish to use customizable marketing flyers to promote their access to the program. The flyers are available in English, Hmong, Polish, and Spanish. New this year are short video clips highlighting significant program changes and tips for navigating DPP Online.
 
DPP may be paired with a variety of down payment assistance programs including the Illinois Housing Development Authority’s @Home Illinois program, the down payment assistance programs offered by the Wisconsin Housing and Economic Development Authority, and the Wisconsin Department of Administration’s Housing Cost Reduction Initiative (HCRI) program – thereby making home ownership even more affordable.
 
Please contact (312) 565-5824 or dpp@fhlbc.com with any questions.