FHLBank Chicago Awards over $47 Million in Affordable Housing Grants to Strengthen Communities throughout Illinois and Wisconsin

Recipients receive up to $2 million to support the development of over 1,300 housing units

CHICAGO--(BUSINESS WIRE)--The Federal Home Loan Bank of Chicago (FHLBank Chicago) announced it has awarded over $47 million through its 2024 Affordable Housing Program (AHP) General Fund round to help finance 35 housing projects located primarily in Illinois and Wisconsin. This funding will enable the acquisition, rehabilitation and new construction of over 1,300 housing units.

“Access to affordable housing remains a top priority across Illinois and Wisconsin communities, especially as residents continue to contend with high interest rates, a deficit of housing supply, and increased construction costs. Through AHP, we are proud to support our members as they champion organizations that increase options for quality housing for all,” said Michael Ericson, President and CEO, FHLBank Chicago.

As of year-end 2023, FHLBank Chicago has allocated more than $500 million in AHP grants since 1989, assisting in providing housing to more than 80,000 households across its district. In 2024, FHLBank Chicago increased awards up to $2 million per project to drive greater impact for these projects. The 35 awarded housing projects this year will support rural, urban, and tribal communities to add rental and owner-occupied affordable units for a diverse population such as seniors, veterans, and working families.

One of the 2024 AHP grants was awarded to The Regenerator, a permanent supportive housing development in Chicago's Englewood neighborhood that is repurposing a former public school to provide housing for justice impacted individuals and families, sponsored by Go Green Development Group. Supported by funding from FHLBank Chicago member Community Investment Corporation, the project also offers onsite amenities like a computer lab, exercise room, community space and essential supportive services through the Inner-city Muslim Action Network (IMAN), including job skills training, holistic wrap around support and a federally qualified health center.

“This grant enables us to transform a vacant school into a vibrant community hub that provides stable housing, healthcare, and jobs,” said Sana Syed, Chief of Growth & Strategy at IMAN. “Our community has taken on the vital task of reclaiming an abandoned institution. This project not only exemplifies the strength of cross-sector collaboration in realizing a community vision but also sets a bold precedent for future initiatives, restoring lost assets and creating life-changing opportunities for residents.”

Another 2024 AHP award recipient, Bayfield County Redevelopment Phase 1, is a revitalization project by the Bayfield County Housing Authority aimed at rehabilitating 90 affordable housing units across Bayfield County, Wisconsin. Supported by funding from FHLBank Chicago member Northern State Bank, this initiative focuses on preserving affordability and sustainability for residents, including aging and disabled populations on fixed incomes, by providing essential upgrades such as new siding, roofs, windows, and doors for each property.

FHLBank Chicago’s Affordable Housing Program includes both the AHP General Fund and the Downpayment Plus^® (DPP^®) Program, which distributes forgivable grants to cover down payment and closing costs for eligible homebuyers throughout the year. As of year-end 2023, FHLBank Chicago has allocated over $200 million through DPP since 1994, providing downpayment assistance to more than 40,000 homebuyers.

Applications for AHP grants are submitted annually by for-and not-for-profit developers, government units, public housing authorities and tribally designated entities through an FHLBank Chicago member institution, which includes commercial banks, savings institutions, credit unions, insurance companies and community development financial institutions in Illinois and Wisconsin.

View the full list of 2024 FHLBank Chicago AHP General Fund projects and descriptions.

About the Federal Home Loan Bank of Chicago

FHLBank Chicago is a regional bank in the Federal Home Loan Bank System. FHLBanks are government-sponsored enterprises created by Congress to ensure access to low-cost funding for their member financial institutions, with a focus on providing solutions that support the housing and community development needs of members’ customers. FHLBank Chicago is a self-capitalizing cooperative, owned by its Illinois and Wisconsin members, including commercial banks, credit unions, insurance companies, savings institutions and community development financial institutions. To learn more about FHLBank Chicago, please visit fhlbc.com.

“Downpayment Plus” and “DPP” are registered trademarks of FHLBank Chicago.