Expanded Investment in Downpayment Plus® Grant Program Puts Home Ownership in Reach for More Homebuyers in Illinois and Wisconsin
The Federal Home Loan Bank of Chicago (FHLBank Chicago) is pleased to announce expanded funding of its Downpayment Plus® (DPP®) grant program bringing the total 2023 program budget to $42 million. The addition represents a 133% increase over 2022 grant assistance program funding for qualified home buyers.
"Down payment assistance is a critical resource facilitating access to homeownership for low- and moderate-income households," said Katie Naftzger, Senior Vice President, Community Investment Officer, FHLBank Chicago. "Current market challenges have made financing a home more difficult, heightening demand for resources to support affordable homeownership. In response we have increased our financial commitment to this program."
DPP provides down payment assistance and home ownership counseling to support families and individuals earning 80% or less of the area median income who are purchasing a home. Eligible households may access grants of up to $10,000 through participating members of FHLBank Chicago that are providing their first mortgage financing.
Program users confirm the important role that down payment assistanc plays in putting homeownership in reach for low- and moderate- income households. "Being able to purchase my first home is not only exciting, it is putting me on a path for healthy financial stability for my family," said Kristian Catalan, a recent Downpayment Plus grant recipient through member, CIBC Bank USA. "I'm grateful for the FHLBank Chicago's Downpayment Plus program as it was able to bridge the gap in my financing."
Learn more about the DPP grant program, and other Community Investment products and programs offered, by visiting the FHLBank Chicago website.
About the Federal Home Loan Bank of Chicago
View source version on businesswire.com: https://www.businesswire.com/news/home/20230525005285/en/