FHLBank Chicago Opens 2026 Affordable Housing Program with $51 Million Available

Applications Due June 12 with Up to $2 Million Available Per Project

CHICAGO--(BUSINESS WIRE)--The Federal Home Loan Bank of Chicago (FHLBank Chicago) has opened the application period for its 2026 Affordable Housing Program (AHP) General Fund. With $51 million available and up to $2 million per project, the program supports the development and preservation of affordable housing across Illinois and Wisconsin.

AHP grants help fund the acquisition, new construction, or rehabilitation of rental and owner-occupied housing. Through the program, FHLBank Chicago financial institution members partner with developers and community organizations to help move projects forward and expand access to quality housing.

“The need for affordable housing continues to outpace supply in many communities,” said Katie Naftzger, SVP and Community Investment Officer, FHLBank Chicago. “Through AHP, we’re able to partner with our members to move critical projects forward, supporting housing that might not otherwise be built and helping expand access for individuals and families.”

AHP funding supports a range of efforts, from new construction to the rehabilitation of existing housing, helping communities respond to local needs and strengthen housing supply over time. The program supports both rental and owner-occupied housing and serves a range of populations, including individuals and families, seniors, and persons with disabilities.

Since 1989, FHLBank Chicago has allocated more than $630 million in AHP grants to support over 85,000 housing units. The program operates through partnerships between FHLBank Chicago members and project sponsors, including developers, nonprofits, public housing authorities, and tribal governments.

Applications for the 2026 AHP General Fund are due June 12 at 5:00 PM CT. Eligible project sponsors and members must apply jointly through AHP Online, available via FHLBank Chicago’s website. Technical assistance and application support are available throughout the application period. Learn more at fhlbc.com/AHP.

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.