An award totaling $5 million will allow Cinnaire to support five affordable housing projects in the Midwest including the acquisition, rehabilitation and construction of 269 units. The developments will be across Illinois and Wisconsin.
The Affordable Housing Program (AHP) grants come from the Federal Home Loan Bank of Chicago which has been awarding grants since 1989, and during that same timeframe, has provided more than $262 million in Downpayment Plus® (DPP®) Programs to help provide housing for low- and moderate-income eligible households.
“Economic pressures, like rising interest rates and material costs, provide significant challenges for development. These factors further compound the already critical need for affordable housing support in both rural and urban communities across our District,” said Michael Ericson, President and CEO, FHLBank Chicago. “We are answering the call with AHP subsidies to provide support in partnership with our member institutions and developers, community organizations, public housing authorities, tribal governments, and other units of government.”
“To be among the organizations who were selected and ranked on the top of the list is an honor,” said Elisabeth Rask, loan underwriter at Cinnaire. “The need for affordable housing is a persistent issue we work to address and through the AHP, we can bring that to fruition.”
FHLBank Chicago annually contributes 10 percent of its net earnings to affordable housing programs, including both the AHP and the DPP Program, which distributes forgivable grants to cover down payment and closing costs for eligible households throughout the year.
