FHLBank Chicago Expands Grant Program Funds Enabling Affordable Homeownership


The Federal Home Loan Bank of Chicago (FHLBank Chicago) has 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,” says 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.”

DPP provides down payment assistance and home ownership counseling to support families and individuals who are purchasing a home and earning 80% or less of the area median income.

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 assistance 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,” says Kristian Catalan, a recent Downpayment Plus grant recipient through partner 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.”

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