CHICAGO, Dec. 4, 2012 /PRNewswire/ -- The Federal Home Loan Bank of Chicago recently awarded more than $19 million through its competitive Affordable Housing Program (AHP) to help finance 58 affordable housing projects located primarily in Illinois and Wisconsin. To view descriptions of the 2012 AHP projects, visit our website, www.fhlbc.com.

"These rental and ownership projects will provide more than 2,700 affordable housing units to individuals and families who need a home that they can afford," says Sam Nicita, Community Investment Officer at the Federal Home Loan Bank of Chicago. "The number of units being built, rehabilitated, or purchased with AHP subsidy in rural communities is up more than 50 percent over the last year, which speaks to the need for affordable rural housing and the quality of the projects submitted to us in our competitive round. We understand that rural housing markets provide fewer affordable housing options, so we are pleased that more of these needs will be addressed in the near future."

The Federal Home Loan Bank of Chicago allocates 10% of its earnings to affordable housing programs. During 2012, those programs consisted of both the $19 million competitive AHP grant program and a $12 million Downpayment Plus^® (DPP^®) program; DPP provides forgivable grants through the Bank's member institutions to assist with down payment and closing costs for eligible households.

Since 1990, the Federal Home Loan Bank of Chicago has awarded more than $286 million in competitive AHP grants and more than $90 million in DPP funds that have helped provide housing for families whose incomes are 80% or less of the area median income.

Non-profit groups, for-profit developers, and public entities apply for the competitive AHP grants through one of the Federal Home Loan Bank of Chicago's member institutions; more than 760 commercial banks, savings institutions, credit unions, and insurance companies in Illinois and Wisconsin are members of the Federal Home Loan Bank of Chicago. 

About the Federal Home Loan Bank of Chicago
The Federal Home Loan Bank of Chicago is a $66.4 billion wholesale bank serving the needs of member housing finance institutions located in Illinois and Wisconsin. Our mission is to partner with our member shareholders to provide them competitively priced funding, a reasonable return on their investment, and support for community investment activities.

The U.S. Congress created the Federal Home Loan Bank System, which includes 12 Federal Home Loan Banks, in 1932 to promote housing finance, but the Banks are wholly owned by their member institutions.

"Downpayment Plus" and "DPP" are registered trademarks of the Federal Home Loan Bank of Chicago.

SOURCE Federal Home Loan Bank of Chicago