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| Federal Home Loan Bank of Chicago (FHLB Chicago) members can apply for AHP funds on behalf of community projects, which the FHLB Chicago awards through a competitive process.
The AHP subsidy will be in the form of a grant from the FHLB Chicago to a member. Member institutions are encouraged to work with non-profit organizations, for-profit entities and public agencies in developing AHP applications.
The AHP application materials will be available approximately 60 days prior to the application deadline.
Community Investment Staff will hold workshops for members and sponsoring organizations prior to each competitive round to provide applicants with technical assistance. Please check the Community Investment Calendar for dates and registration information.
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| Eligibility Requirements |
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Applications will be evaluated to determine whether they meet the eligibility requirements per 12 CFR 1291.5(c) of the AHP Regulation, including:
The project must be either an owner-occupied project or a rental project, serving income-eligible households.
Applications must demonstrate project feasibility and the need for AHP subsidy. The review will include an analysis of the sources and uses of funds, project costs, and operational feasibility. Relevant factors include, but are not limited to, applicable financial ratios, market demand, and other non-financial project characteristics.
AHP subsidies for approved projects must be likely to be drawn down within one year of the date of approval of the application.
AHP assisted projects must be retained as affordable (via a recorded retention mechanism) for five years for owner-occupied projects and fifteen years for rental projects.
A project's sponsor must be qualified and able to perform its responsibilities as committed to in the AHP application.
The project must comply with applicable federal and state fair housing and accessibility laws and regulations.
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| Application Scoring |
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Applications that meet the eligibility requirements will be scored on a 100 point scoring system based on nine criteria:
Use of donated, discounted or conveyed government-owned or other properties
Sponsorship by a not-for-profit organization or government entity
Income targeting
Housing for homeless households
Promotion of empowerment
First District Priority (criteria selected annually)
Second District Priority (criteria selected annually)
AHP subsidy per unit
Community stability
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Scoring criteria are explained in detail in the FHLB Chicago's annual AHP Implementation Plan.
Applications achieving the highest scores will be awarded funds until all available AHP funds for a given competitive round are exhausted. The next four highest scoring applications will be placed in reserve and may be awarded funds should funds become
available prior to the next round of funding. Projects awarded funds will be monitored by the FHLB Chicago throughout the retention period (five years for owner-occupied projects; 15 years for rental projects) to ensure that they remain in compliance with AHP regulations and with the commitments
made in the AHP application.
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| Repayment of Subsidy |
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Under certain circumstances, members and project sponsors or owners may be required to return AHP subsidies to the FHLB Chicago. Checks should be made payable or endorsed to the FHLB Chicago.
Checks should be mailed to the following address with a completed repayment worksheet:
Federal Home Loan Bank of Chicago
Community Investment Group
200 E. Randolph Drive
Chicago, IL 60601 |
Grant Programs
