Cinnaire has been awarded $6 million in Affordable Housing Program (AHP) subsidies by the Federal Home Loan Bank of Chicago (FHLBank Chicago) to support three transformational housing projects in Illinois and Wisconsin. These awards will help finance the renovation, adaptive reuse, and new construction of 233 affordable housing units, advancing Cinnaire’s mission to provide equitable housing solutions to underserved communities.
FHLBank Chicago granted a total of $47 million in AHP awards this year to fund 35 housing projects across Illinois and Wisconsin. These projects will provide more than 1,300 housing units for seniors, veterans, working families, and other vulnerable populations in rural, urban, and tribal communities.
Since 1989, FHLBank Chicago has allocated more than $500 million in AHP grants, assisting in providing housing to more than 80,000 households across its district. Cinnaire has been a consistent partner, receiving 65 AHP awards totaling $47.4 million since joining the FHLBank Chicago in 2015.
“For nearly a decade, Cinnaire has partnered with FHLBank Chicago to deliver impactful solutions to meet the housing needs of underserved populations,” said Elisabeth Rask, Cinnaire’s Director of CDFI Funding. “These AHP awards represent an investment not only in physical structures but in the lives of residents and the future of their communities. We’re proud to continue creating housing opportunities that foster stability, equity, and long-term success.”
Three Awarded Projects
- Ho-Chunk Village West – Baraboo, WI
A new construction project on Ho-Chunk Nation tribal land will create 40 one-, two-, and three-bedroom units. Located adjacent to the Ho-Chunk Nation House of Wellness, the development will provide residents with access to comprehensive health and social services.
AHP Award: $2 million - Vliet Street Lofts – Milwaukee, WI
This adaptive reuse project will transform a historic 1910s department store into affordable housing for 62 families. Lutheran Social Services of WI & Upper MI will provide onsite support services for residents.
AHP Award: $2 million - Riverwalk Homes – Joliet, IL
The repositioning and renovation of a 131-unit public housing complex will preserve vital affordable housing for the community.
AHP Award: $2 million
Driving Equitable Housing Solutions
AHP grants are awarded annually through FHLBank Chicago member institutions, including commercial banks, credit unions, insurance companies, and community development financial institutions in Illinois and Wisconsin. These subsidies support a variety of housing initiatives, including acquisition, rehabilitation, and new construction, ensuring access to affordable housing for low- and moderate-income households.
“Access to affordable housing remains a top priority across Illinois and Wisconsin communities, especially as residents continue to contend with high interest rates, a deficit of housing supply, and increased construction costs. Through AHP, we are proud to support our members as they champion organizations that increase options for quality housing for all,” said Michael Ericson, President and CEO, FHLBank Chicago.
