Competitive AHP Awards Will Support Over 2,600 Affordable Apartments
The Federal Home Loan Bank of Chicago (FHLBC) recently announced it’s 2019 Affordable Housing Program (AHP) Award winners. The FHLBC awarded $27.7 million in grants through its competitive AHP to help finance 50 housing projects located primarily in Illinois and Wisconsin. With these awards, the FHLBC is investing in the acquisition, rehabilitation, and new construction of over 2,600 housing units. Cinnaire received an AHP award of $2,835,000 to support five affordable housing developments in Illinois and Wisconsin.
“The FHLBC AHP awards provide much needed investment to the communities we serve,” said Mark McDaniel, Cinnaire President and CEO. ” These valuable grants create impact by providing people and communities with safe, affordable housing. We value our partnership with the FHLBC and look forward to continuing to work together to ensure all people have access to the opportunities provided by living in healthy communities.”
Since 1989, the FHLBC has awarded more than $483 million in competitive AHP grants and more than $211 million in DPP funds to help provide housing for low- and moderate-income eligible households. A member of the FHLBC since 2015, Cinnaire’s financing and AHP subsidy have supported 1,219 units of affordable housing. For- and not-for-profit developers, units of governments, public housing authorities, and tribally designated entities apply for the competitive grants through a member of the FHLBC.
Projects receiving a 2019 AHP award through Cinnaire include:
Gillespie Senior Residences
Driftless 3 Apartments
Prairie House Apartments
1300 S. Main St.