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News and Information Article
CHICAGO, Aug. 18 // -- The Federal Home Loan Bank of Chicago,
through the first round of its 2006 Affordable Housing Program competitive
grant process, has awarded approximately $13.6 million to help finance 55
affordable housing projects, primarily in Illinois and Wisconsin.
Each year, the Bank allocates 10% of its prior years earnings for
affordable housing projects. "The AHP competitive grant process is an
integral component of the Banks commitment to its member financial
institutions and their communities," said Mike Thomas, President and CEO of
the Federal Home Loan Bank of Chicago.
Using a competitive process, non-profit groups, for-profit developers,
and public entities apply for AHP grants through one of the Banks member
institutions, which include more than 880 commercial banks, thrifts, credit
unions, and insurance companies in Illinois and Wisconsin. The latest round
of AHP funding will help to create or rehabilitate approximately 3,000
housing units for primarily low- and moderate-income families. More than
half of these units will be reserved for very-low income households earning
less than 50% of the area median income where they are located.
"These projects, assisting low-and moderate-income families, as well as
seniors and first-time homebuyers, are compelling examples of the Banks
housing mission in action," said Eldridge Edgecombe, Senior Vice President
and Community Investment Officer of the Federal Home Loan Bank of Chicago.
Since beginning its Affordable Housing Program in 1990, the Bank has
awarded more than $239.8 million in subsidies (grants) to support 56,973
units of affordable housing. Of this amount, approximately $190.2 million
was awarded through a competitive application process. Another $49.6
million was earmarked for downpayment and closing costs assistance to
enable more than 11,900 households to become homeowners. Since 1989, the
Federal Home Loan Bank of Chicago has also loaned approximately $5.8
billion in Community Investment Cash Advances to its member financial
institutions. These advances have been used by members to support a variety
of housing, agricultural, small business, and community economic
development initiatives.
For a description of the 55 AHP projects receiving funding, along with
the community where they are located, the sponsoring organization and the
member financial institutions involved, please visit our website at:
http://www.fhlbc.com/fhlbc/index.asp .
The Federal Home Loan Bank of Chicago is a government sponsored
enterprise providing housing finance to over 880 member commercial banks,
savings institutions, credit unions, and insurance companies in Illinois
and Wisconsin. With approximately $85 billion in assets, the Bank offers
floating and fixed-rate loans, the Mortgage Partnership Finance(R) Program
and related products to finance home mortgage portfolios. The Bank also
offers funding for affordable housing and community development activities.
"Mortgage Partnership Finance" is a registered trademark of the Federal
Home Loan Bank of Chicago.
"Downpayment Plus" and "DPP" are registered trademarks of the Federal
Home Loan Bank of Chicago
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