FHLBank Chicago Increases MPF® Habitat for Humanity® Program Subsidy to $3 Million to Expand Affordable Homeownership Opportunities
Strong member interest drives additional capacity for Habitat partnerships in Illinois and Wisconsin
The Federal Home Loan Bank of Chicago (FHLBank Chicago) recently increased the available subsidy for its Mortgage Partnership Finance® (MPF®) Habitat for Humanity® Program to $3 million. In addition, FHLBank Chicago raised the program’s member limit from $1 million to $2 million in unpaid principal balance (UPB). The increases create additional capacity for approved member financial institutions to provide below-market mortgage financing to eligible homebuyers working with Habitat for Humanity affiliates in Illinois and Wisconsin.
These enhancements reflect strong member interest in the program and provide participating financial institutions with more opportunity to deliver eligible Habitat loans through the MPF Program. Through support from FHLBank Chicago, the program helps participating members offer mortgage rates approximately 2.5 percentage points below prevailing market rates while receiving premium pricing on eligible loans. Funding is available on a first-come, first-served basis until fully reserved or through the end of the year.
