FHLBank Chicago Announces $52 Million Available through 2025 Affordable Housing Program

Applications Open Until June 20, Granting Up to $2 Million Per Project

CHICAGO--(BUSINESS WIRE)--The Federal Home Loan Bank of Chicago (FHLBank Chicago) has opened the application period for its 2025 Affordable Housing Program (AHP) General Fund. With $52 million available and up to $2 million per project, the program continues to advance the development and preservation of affordable housing throughout Illinois and Wisconsin.

AHP grants subsidize the acquisition, new construction, or rehabilitation of rental or owner-occupied housing. Delivered in partnership with FHLBank Chicago financial institution members, these forgivable grants help to address ongoing housing supply challenges by expanding access to quality affordable housing in many communities.

“The AHP General Fund continues to be an impactful resource for addressing critical housing needs and strengthening communities,” said Katie Naftzger, Senior Vice President and Community Investment Officer, FHLBank Chicago. “We’re proud to partner with our members to deliver funding that helps create and preserve affordable housing, expanding opportunities for residents and communities alike.”

Since 2017, FHLBank Chicago member, First Mid Bank & Trust (First Mid), has helped secure more than $3 million in AHP funds in partnership with Coles County Regional Planning and Coles County Habitat for Humanity. These funds support essential home repairs and new home construction across rural central Illinois, ensuring that individuals and families in eight counties have access to safe and affordable housing.

“These grants make a meaningful difference—enabling critical updates like roof repairs, system replacements, and other improvements that help preserve the homes people rely on,” said Kayla Aaron, Regional Retail Loan Manager at First Mid. “They strengthen the housing stock and help maintain the fabric of our communities.”

Since 1989, FHLBank Chicago has allocated over $550 million in AHP grants, to support more than 83,000 housing units. The program is made possible through collaboration between FHLBank Chicago members and project sponsors including developers, nonprofits, public housing authorities, and tribal governments.

Applications for the 2025 AHP General Fund are due June 20, 2025, at 5:00 PM CDT. Eligible project sponsors and members must apply jointly through AHP Online, accessible via FHLBank Chicago’s website. Technical assistance and application support are available throughout the submission period.

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.