Federal Home Loan Bank of Chicago Affordable Housing Program
Cinnaire is a member of the Federal Home Loan Bank of Chicago, or FHLBC, giving our clients access to its full suite of products. An important product for rental properties is the Affordable Housing Program, or AHP, which awards grant subsidies of up to $850,000 through a competitive process. These valuable grants, which do not have to be paid back, provide gap funding for affordable rental projects and dovetail well with LIHTC funding.
We can submit AHP applications on behalf of our developer clients, or “sponsors.”
We can help our sponsors qualify for Member Financial Participation points from either the debt or equity sides, through Cinnaire Lending or Cinnaire Investments; many FHLBC members can offer only one or the other.
Thanks to our experience and success with the program, we can provide precise technical assistance on matters such as eligibility, application strategy, and question scoring.
Developed by Impact Seven and Rule Enterprises, SEVEN04 Place received a tax credit allocation from the Wisconsin Housing and Economic Development Authority (WHEDA) as well as $3.2 million in loans and mortgage financing from the agency. The City of Milwaukee; the U.S. Department of Housing and Urban Development; IFF and the Federal Home Loan Bank of Chicago (FHLBank Chicago); Wisconsin Economic Development Corporation (WEDC); and NeighborWorks contributed $2.2 million in additional funding.