TRC to Receive Affordable Housing Program Grant

In partnership with the Chicago Community Loan Fund, TRC is proud to receive a grant from FHLBank Chicago’s Affordable Housing Program so we can continue to provide housing to people experiencing chronic homelessness at the Renaissance Apartments, located within the Historic Former Wabash YMCA! Once completed, this project will allow us to renovate the apartments and ensure that they are affordable for the next 20 years.

About the Affordable Housing Program Fund

The Federal Home Loan Bank of Chicago (FHLBank Chicago) is granting $29.2 million through its Affordable Housing Program (AHP) General Fund to help finance 49 housing projects located primarily in Illinois and Wisconsin. These funds will support the acquisition, rehabilitation, and new construction of over 2,315 housing units.

FHLBank Chicago annually contributes 10% of its net earnings to affordable housing programs, including both the AHP General Fund and the Downpayment Plus® (DPP®) Programs. In 2021, more than $15 million in forgivable DPP Program grants have been disbursed through FHLBank Chicago’s member institutions to assist with down payment and closing costs for eligible households.

Since 1989, FHLBank Chicago has awarded more than $538 million in AHP grants and more than $244 million in DPP funds to help provide housing for low- and moderate-income eligible households.

For- and not-for-profit developers, units of government, public housing authorities, and tribally designated entities apply annually for AHP grants through an FHLBank Chicago member institution, which includes commercial banks, savings institutions, credit unions, insurance companies, and community development financial institutions in Illinois and Wisconsin.