FHLBank Chicago Commits $46M To Downpayment Plus Grant Program

The Federal Home Loan Bank of Chicago has committed $46 million in funding for its 2025 Downpayment Plus grant program.

The DPP program assists homebuyers earning up to 80% of the area median income by providing forgivable grants at closing when financing through a participating member.

Income-eligible buyers can receive up to $10,000 in assistance.

“FHLBank Chicago is proud to work alongside our members to deliver resources that open the door to homeownership,” said Katie Naftzger, Senior Vice President and Community Investment Officer at FHLBank Chicago. 

“While affordability challenges persist, the Downpayment Plus programs continue to serve as an essential tool for addressing barriers to homeownership and helping individuals and families build a foundation for their future.”

Last year, FHLBank Chicago provided more than $42 million in grants, impacting more than 2,200 buyers in Illinois and 1,300 in Wisconsin.

FHLBank Chicago is a regional bank in the Federal Home Loan Bank System, government-sponsored enterprises created by Congress to ensure access to low-cost funding for their member financial institutions. 

They are overseen by the Federal Housing Finance Agency, which recently got a new leader, Bill Pulte.

Ryan Donovan, President and Chief Executive Officer of the Council of Federal Home Loan Banks, the public voice of the Federal Home Loan Bank System, congratulated Pulte on his nomination.

In a statement, he said the Banks “look forward to working collaboratively with Mr. Pulte to ensure the FHLBanks remain well-positioned to deliver on their mission of providing liquidity to support housing and community development and continue to play a vital role in the economic health of our country.”

MBA’s President and CEO Bob Broeksmit also called for Pulte to work with MBA to “ensure a robust secondary mortgage market and Federal Home Loan Bank system for single-family and multifamily lenders.”