The Federal Home Loan Bank of Chicago (FHLBank Chicago) is now accepting applications for the 2024 Affordable Housing Program (AHP) General Fund.
This year’s AHP General Fund’s available subsidy per-project has doubled from $1 million to $2 million. The FHLBank Chicago allocated nearly $49 million in forgivable AHP grants, which will be used to finance the acquisition, new construction, and rehabilitation of affordable rental or owner-occupied housing in Illinois and Wisconsin.
The FHLBank Chicago has awarded more than $500 million in AHP grants since 1990, providing housing to over 70,000 households. Applications for this year’s AHP General Fund grants will be accepted through June 14 at 5:00 p.m. CDT, and the grants are made possible through the collaboration of FHLBank Chicago’s member institutions with developers, community organizations, public housing authorities, and tribal governments.
“FHLBank Chicago is taking an important step to double the maximum subsidy for AHP projects as affordable housing challenges persist,” said Katie Naftzger, senior vice president and community investment officer. “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.”
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