FHLBank Chicago Doubles Per-Project Subsidies on Affordable Housing

Applications for the Federal Home Loan Bank of Chicago’s (FHLBank Chicago) 2024 Affordable Housing Program (AHP) General Fund are now open. This year, the AHP General Fund’s available subsidy per-project has doubled from $1 million to $2 million.

With nearly $49 million allocated toward its annual AHP General Fund and increased per-project funding, FHLBank Chicago aims to empower grantees to address the need for affordable housing in member communities. The forgivable AHP grants subsidize the acquisition, new construction and rehabilitation of affordable rental or owner-occupied housing.

“FHLBank Chicago is taking an important step to double the maximum subsidy for AHP projects as affordable housing challenges persist,” said Katie Naftzger, SVP, community investment officer, FHLBank Chicago. “Doubling our maximum subsidy level, coupled with the highest annual program allocation in program history, will amplify our impact and enable communities to undertake more substantial and transformative housing initiatives.”

Don’t miss the Lifetime Achievement Award Presentation and Keynote Interview with G. Joseph Cosenza, Vice Chairman of The Inland Real Estate Group, LLC and President of Inland Real Estate Acquisitions, LLC at Connect Midwest: Multifamily, Affordable, Student & Senior Housing Trends on June 4, 2024, at the W-Chicago, City Center Hotel, Chicago, IL. Register Today to network with your peers!