Local Bank Helps to Provide Affordable Housing

December 22, 2010

A Chicago bank is contributing millions of dollars to provide affordable housing units to low-income families across Illinois and Wisconsin.

The Federal Home Loan Bank of Chicago (FHLB Chicago) has awarded $4.6 million to help finance more than 1,000 housing units through its Affordable Housing Program (AHP) grant process.

“The Affordable Housing Program grants are given to projects that help provide housing to those with limited resources,” said Matt Feldman, President and CEO of the Federal Home Loan Bank of Chicago. “That’s exactly what Congress had in mind when it created the FHLBanks Affordable Housing Program more than 20 years ago, and it remains a critical resource to our communities today.”

FHLB Chicago contributes 10 percent of its previous year’s net income to the AHP each year.

Non-profit groups, for-profit developers and public entities apply for the AHP grants through one of the bank’s member institution, which include more than 775 banks, savings institutions, credit unions and insurance companies in Illinois and Wisconsin.

Since 1990, the Federal Home Loan Bank of Chicago has awarded more than $242 million in competitive AHP grants and more than $68 million in funds for a down-payment program that has helped provide housing for families whose incomes are 80 percent or less of the area median income.

“It is a pleasure for the Federal Home Loan Bank of Chicago to contribute to the success of these projects,” Eldridge Edgecombe, Senior Vice President and Community Investment Officer, “and to provide quality affordable rental and owner-occupied housing that families and individuals are proud to call home.”

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