Mar
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Aid Available for Illinois and Chicago Homebuyers

March 20, 2012

There are new programs in place that can help some households become Chicago real estate owners.

The Federal Home Loan Bank of Chicago’s Downpayment Plus Programs (DPP®) have $10 million in funds available to help eligible mortgage holders buy homes.

hands in the formation of a houseThe program allows financial institutions in Illinois and Wisconsin that are members of the Federal Home Loan Bank of Chicago and participate in the DPP programs to provide up to $8,000 in subsidies to eligible households. The money can be used for down payment and closing cost assistance, home-buyer counseling and eligible rehabilitation costs that come with buying a home.

“While you won’t find branches of the Federal Home Loan Bank of Chicago on neighborhood street corners, we are an important factor in housing finance through our member institutions in Illinois and Wisconsin,” said Matt Feldman, President and CEO of the Federal Home Loan Bank of Chicago.

“One of the ways we help build communities is through the Downpayment Plus programs, which provide eligible borrowers with good credit and a steady income the helping hand they might need with the down payment for a home.”

Funds will be provided on a first-come, first-served basis until the money runs out.

Potential homebuyers must meet eligibility requirements, as well as:

*Occupy their current home as their primary residence

*Contribute at least $1,000 to the purchase of a home

*Participate in homebuyer and financial literacy counseling

Grants are forgiven on a monthly basis over a five-year retention period.

For more information on the DPP program, visit the Federal Home Loan Bank of Chicago website at fhlbc.com.

To inquire about participating in a DPP program, contact the Illinois League of Financial Institutions at 800-237-1936 or visit ilfi.org.

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