The Federal Home Loan Bank of Chicago (FHLBank Chicago) has announced $24.8 million has been granted through its competitive Affordable Housing Program (AHP) to help finance 44 housing projects located in Illinois and Wisconsin. With these awards, FHLBank Chicago is investing in the acquisition, rehabilitation, and new construction of over 2,000 units of affordable housing. Cinnaire received a $2.9 million AHP award to support two hundred units of affordable housing at five developments in Wisconsin.
“The Affordable Housing Program funds allow Cinnaire to meet the needs of the communities we serve and enable us to provide affordable housing options to the people that need it the most,” said Zina Risk, Cinnaire Lending President. “These grants provide crucial gap funding to support high-impact projects in distressed communities. We value our partnership with the Federal Home Loan Bank of Chicago and appreciate the opportunity to work together to transform the lives of families throughout our footprint.”
Each year, FHLBank Chicago contributes 10% of its earnings to affordable housing programs, including both the competitive AHP and the Downpayment Plus ® Programs (DPP®). Since 1989, FHLBank Chicago has awarded more than $500 million in competitive AHP grants and more than $225 million in DPP funds to help provide housing for low- and moderate-income eligible households. A member of the FHLBank Chicago since 2015, Cinnaire’s financing and AHP subsidy has supported 1,784 units of affordable housing to date.
“The 44 housing projects awarded through our competitive AHP are as diverse as the District we serve,” said Katie Naftzger, Vice President, Community Investment Officer, FHLBank Chicago. “We are proud to support our member institutions as they invest and partner with community organizations to develop and expand affordable housing options. The opportunity to rent or own a home changes lives and strengthens communities.”
For- and not-for-profit developers, units of government, public housing authorities, and tribally designated entities apply for competitive 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.
“Our members are the fabric of their communities. We provide support to them in the critical roles they play in their communities and our AHP awards are an important component of that support,” said Matt Feldman, President and CEO, FHLBank Chicago. “Access to affordable housing is even more essential today as we see a disproportionate impact of the COVID-19 pandemic on certain populations across our District, and we are proud to assist our members as they finance and support the development of accessible housing in their communities.”
Projects receiving a 2020 AHP award through Cinnaire include:
Cuba City Apartments, Cuba City, WI
Fall River Meadows, Fall River, WI
Dakota Meadows, New Richmond, WI
City Center, Brillion, WI
Downtown New Richmond, New Richmond, WI
About the Federal Home Loan Bank of Chicago
The mission of the Federal Home Loan Bank of Chicago is to partner with their members in Illinois and Wisconsin to provide them competitively priced funding, a reasonable return on their investment in the Bank, and support for community investment activities. FHLBank Chicago is one of 11 Federal Home Loan Banks chartered by the U.S. Congress in 1932 to promote homeownership. Their members include banks, thrifts, credit unions, insurance companies, and community development financial institutions throughout their District.