CHICAGO, June 7 /PRNewswire/ — The Federal Home Loan Bank of Chicago has awarded approximately $10.5 million to help finance more than 2,300 affordable housing units located primarily in Illinois and Wisconsin through its Affordable Housing Program (AHP) competitive grant process. The Bank plans to award a second round of grants later this year.
“This is an especially satisfying announcement because the Federal Home Loan Bank System is celebrating its 75th anniversary this summer,” said Mike Thomas, President and CEO at the Federal Home Loan Bank of Chicago. “Throughout its history, the System has found new ways to honor its commitment to housing and homeownership. The Affordable Housing Program, begun in 1990, is one of those terrific initiatives.”
Each year, the Federal Home Loan Bank of Chicago allocates 10% of its prior year’s earnings for affordable housing projects in the competitive grants program and the Downpayment Plus(R) Program. Since beginning its Affordable Housing Program 17 years ago, the Federal Home Loan Bank of Chicago has awarded approximately $212 million in grants through its Competitive AHP program to support more than 49,700 units of affordable housing. In addition, the Bank has provided over $51 million through the Downpayment Plus Program to help more than 13,000 families purchase homes.
“Our members and their partners, together with these grants, have helped strengthen communities not just in Illinois and Wisconsin, but across the country,” says Eldridge Edgecombe, Senior Vice President and Community Investment Officer.
Non-profit groups, for-profit developers, and public entities apply for the Competitive AHP grants through one of the Bank’s member institutions, comprising more than 850 commercial banks, savings institutions, credit unions, and insurance companies in Illinois and Wisconsin.
This most recent round of AHP funding will help to create or rehabilitate 2,311 housing units, of which more than half will be reserved for very-low income households earning less than 50% of the median income for the area where they are located. Many projects will help first-time homebuyers, seniors, and people with disabilities.
For more information on specific awards and details of the AHP programs, visit the Federal Home Loan Bank of Chicago website at http://www.fhlbc.com/ .
The Federal Home Loan Bank of Chicago is a wholesale bank and government sponsored enterprise with approximately $87 billion in assets that provides housing finance to more than 850 member commercial banks, savings institutions, credit unions, and insurance companies located in the 7th Federal Home Loan Bank District of Illinois and Wisconsin.
The Federal Home Loan Bank System, which includes 12 Federal Home Loan Banks, is celebrating its 75th anniversary in 2007. The U.S. Congress created the System in 1932 to promote housing finance, but the Banks are wholly owned by their member institutions. “Downpayment Plus” is a registered trademark of the Federal Home Loan Bank of Chicago.
This news release contains forward-looking statements which are based upon our current expectations and speak only as of the date hereof. These statements may use forward-looking terms, such as “anticipates,” “believes,” “expects,” “could,” “plans,” “estimates,” “may,” “should, “will,” or their negatives or other variations on these terms. Forward-looking statements by their nature involve risk or uncertainty that could effect the extent to which a particular objective, projection, estimate, or prediction is realized and actual financial performance could differ materially from that expressed or implied in these forward-looking statements. These forward-looking statements involve risks and uncertainties including, but not limited to, the risk factors set forth in the Bank’s periodic filings with the Securities and Exchange Commission, which are available on the Bank’s website at http://www.fhlbc.com/. The Bank assumes no obligation to update any forward-looking statements made in this release.
First Call Analyst:
Source: Federal Home Loan Bank of Chicago