FHLBank Chicago Adds Additional $17 Million to 2026 Downpayment Plus® Programs, Bringing Total Funding to $48 Million
Additional funding expands grant capacity for members helping income-eligible homebuyers across Illinois and Wisconsin
The Federal Home Loan Bank of Chicago (FHLBank Chicago) today announced an additional $17 million commitment to its Downpayment Plus® programs, bringing total 2026 funding to $48 million. The added funds reflect FHLBank Chicago’s continued commitment to putting its cooperative resources to work through member financial institutions to help more income-eligible homebuyers across Illinois and Wisconsin overcome one of the biggest barriers to homeownership: upfront costs.
Through partnerships with member financial institutions, FHLBank Chicago's Downpayment Plus® (DPP) and Downpayment Plus Advantage® (DPP Advantage) programs provide forgivable grants of up to $10,000 to eligible homebuyers earning up to 80% of the area median income. FHLBank Chicago members provide first mortgage financing to access DPP funds. Nonprofits that provide mortgage financing for homebuyers, such as a Habitat for Humanity® affiliate, partner with an FHLBank Chicago member to access DPP Advantage funds. The grants help cover down payment and closing costs and are applied at closing.
