The Federal Home Loan Bank of Chicago recently awarded nearly $22 million in subsidies through its Affordable Housing Program to help finance 43 affordable housing projects in Illinois and Wisconsin. IFF sponsored successful program grant applications for three affordable housing developments:
- Aurora Impact Initiative, Aurora, IL – $720,000 of AHP subsidy to Brinshore Development and the Aurora Housing Authority for 40 single-family homes
- Madison on Broadway, Madison, WI – $576,000 of AHP subsidy to Movin’ Out and Mirus Partners for 36 new apartments, including some units set aside for individuals with disabilities
- Century City Homeowners Initiative, Milwaukee, WI – $397,000 of AHP subsidy to Gorman & Company and the Wisconsin Preservation Fund for 40 single-family homes and duplexes
“Federal Home Loan Bank members can partner with us to apply for AHP grants on behalf of affordable housing projects that improve the community,” said Craig Mizushima, IFF’s Capital Solutions vice president. “We’re proud to be involved with a program that has awarded over $338 million in AHP grants since 1989.”