The Federal Home Loan Bank of Chicago has dedicated $46 million for its 2025 Downpayment Plus grant program for homebuyers in Illinois and Wisconsin. This service provides forgivable grants to homebuyers when closing through a participating member financial institution, according to a press release.
Eligible buyers can receive up to $10,000 through the program. This service is for buyers who earn up to 80% of the area median income, according to the release.
“FHLBank Chicago is proud to work alongside our members to deliver resources that open the door to homeownership,” Katie Naftzger, SVP and community investment officer at FHLBank Chicago, said in the release. “While affordability challenges persist, the Downpayment Plus programs continue to serve as an essential tool for addressing barriers to homeownership and helping individuals and families build a foundation for their future.”
“The Downpayment Plus programs are instrumental in making homeownership accessible for individuals and families in our communities,” Eduardo Herrera-Mier, SVP and director of multi-cultural and affordable lending at Associated Bank, said in the release. “These grants enable us to meet homebuyers where they are, providing resources to overcome financial barriers and create lasting impact.”
