Cinnaire announced today the award of $3,225,000 Affordable Housing Program (AHP) grants from the Federal Home Loan Bank of Chicago (FHLBank Chicago). The award will support five affordable housing developments with a total of 238 housing units. The AHP grants will support the acquisition, construction and/or rehabilitation of multifamily housing projects in Virden, IL; Barron, WI; Milwaukee, WI; Rice Lake, WI; and Sheboygan, WI. In total, the Federal Home Loan Bank of Chicago is granting $20.6 million through its Affordable Housing Program (AHP) General Fund to help finance 35 housing projects located in Illinois and Wisconsin. These funds will support the acquisition, rehabilitation, and new construction of over 1,600 housing units.
Since 1989, FHLBank Chicago has awarded more than $559 million in AHP grants and more than $262 million in Downpayment Plus® (DPP®) Programs to help provide housing for low- and moderate-income eligible households. Cinnaire has now received 56 AHP awards since joining as a Member CDFI in 2015.
“The AHP competition has really intensified over the past several years. We are proud to be one of the members that ranks amongst the top of the list for AHP awards through the FHLBC of Chicago,” said Beto Sanchez, Cinnaire’s Director, Loan Underwriting. “Cinnaire is guided by our unwavering belief that all people deserve the opportunities provided by living in healthy communities. Affordable housing is the cornerstone of healthy communities, and the AHP is one way we provide the people we serve with a safe, high-quality place to call home.”
“The critical need for high-quality, affordable housing is present in rural, small town, and urban communities throughout our District, but current economic pressures provide significant challenges for development,” said Michael Ericson, President and CEO, FHLBank Chicago. “Rising interest rates, supply chain disruption and materials costs make the need for affordable housing support even more important to individual beneficiaries, members, and their communities.”
For- and not-for-profit developers, units of government, public housing authorities, and tribally designated entities apply annually for AHP grants through an FHLBank Chicago member institution, which includes commercial banks, savings institutions, credit unions, insurance companies, and community development financial institutions in Illinois and Wisconsin.