Federal Home Loan Bank of Chicago (FHLBC) Affordable Housing Program (AHP)
As a member of the FHLBC, Cinnaire Lending is an active participant in the Bank’s AHP grant program. The AHP allows members to partner with for-profit and non-profit developers, community organizations, and public agencies to apply for funds that support the acquisition, new construction and/or rehabilitation of rental and home ownership projects.
The FHLBC holds a competitive process each year to determine how these resources are allocated. Projects do not need to be located in the FHLBC’s district of Illinois or Wisconsin to be eligible, though projects within the district do have a competitive advantage. As long as the project remains in compliance with program rules for a 15 year period, there is no obligation to repay the grant funds. The AHP has been a critical gap filling financing source for our clients that dovetails well with the Low Income Housing Tax Credit (LIHTC).
Financing for Community Facilities
Cinnaire is beginning to offer financing for Community Facilities. If you are interested in exploring financing opportunities to finance a community facility, please reach out to us. If we do not have a financing source readily available, we will explore opportunities to raise the necessary capital.