Press Release

Federal Home Loan Bank of Chicago Awards Cinnaire $5.3 Million in Affordable Housing Program Funds


By - Nov 2nd, 2021 01:39 pm

The Federal Home Loan Bank of Chicago (FHLBank Chicago) is granting $29.2 million through its Affordable Housing Program (AHP) General Fund to help finance 49 housing projects located primarily in Illinois and Wisconsin. These funds will support the acquisition, rehabilitation, and new construction of over 2,315 housing units. Cinnaire received a $5.3 million award to support 340 units at six developments in Wisconsin and 32 units at one development in Michigan.

“The AHP program strengthens our ability to build healthy, equitable communities by providing valuable gap financing to support affordable housing developments for vulnerable individuals and families,” said Zina Risk, President, Cinnaire Lending. “We value our partnership with the Federal Home Loan Bank of Chicago and look forward to continuing our work together bringing meaningful impact to urban and rural communities throughout the Midwest.”

FHLBank Chicago annually contributes 10% of its net earnings to affordable housing programs, including both the AHP General Fund and the Downpayment Plus® (DPP ®) Programs. In 2021, more than $15 million in forgivable DPP Program grants have been disbursed through FHLBank Chicago’s member institutions to assist with down payment and closing costs for eligible households.

“Our investment in 49 housing projects through our AHP General Fund reflects our steadfast commitment to the diverse communities we serve,” said Katie Naftzger, Vice President, Community Investment Officer, FHLBank Chicago. “We are proud to support our member institutions as they partner with local organizations to develop and expand the supply of high-quality, affordable housing in the communities they serve. The opportunity to rent or own a home changes lives and strengthens communities.”

Since 1989, FHLBank Chicago has awarded more than $538 million in AHP grants and more than $244 million in DPP funds to help provide housing for low- and moderate-income eligible households. A member of FHLBank Chicago since 2015, Cinnaire’s financing and AHP subsidy has supported 2,119 units of affordable housing.

“Our members know their communities and the vital support that they need, especially after the last year. AHP awards allow our members to deliver crucial support for housing throughout their cities and towns,” said Michael Ericson, President and CEO, FHLBank Chicago. “The COVID-19 pandemic continues to cause disproportionate impact to the most vulnerable populations across Illinois and Wisconsin. Access to affordable housing is more important than ever and we are proud to assist our members as they finance and support the development of these units in their communities.”

For- and not-for-profit developers, units of government, public housing authorities, and tribally designated entities apply annually for AHP grants through an FHLBank Chicago member institution, which includes commercial banks, savings institutions, credit unions, insurance companies, and community development financial institutions in Illinois and Wisconsin. Please click here to view the full list of 2021 FHLBank Chicago AHP Awards.


About Cinnaire

Cinnaire is a non-profit financial partner that supports affordable housing developments along with community and economic revitalization initiatives through creative investments, loans and real estate development services. Since 1993, Cinnaire has invested $4.9 billion to support the development of 863 housing communities in 10 states, providing 53,146 affordable apartment homes for more than 114,000 individuals and families and has provided community development loans to support the creation/retention of more than 4.7 million square feet of commercial, mixed-use, and community space. In its mission to change lives and transform neighborhoods into thriving communities, Cinnaire has helped to create or retain over 80,000 jobs and spur $9.3 billion in economic impact. 

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