FHLB To Fund More Low-IncomeMortgages

January 11, 2006, 1:00 a.m. EST 1 Min Read

Facebook
Twitter
LinkedIn
Email
Show more sharing options
Share Show more sharing options

Register now

CHICAGO - (01/11/06) The Federal Home Loan Bank ofChicago said it has made another $1.8 million available to help paydownpayments and closing costs for mortgages at member banks andcredit unions. Mortgage lenders can use the money under thebanks Downpayment Plus Program to provide grants up to$5,000 for low- and moderate-income homebuyers in Illinois andWisconsin. The Chicago bank provided $12 million in homeownerassistance lats year through the downpayment program, a componentof its Affordable Housing Program. Homebuyers at all member banksand credit unions are eligible and must have a total householdincome of less than 80% of area median income, based on HUDguidelines. All 880 of the Chicago banks memberinstitutions, including 80 credit unions, are eligible for theprogram.

Facebook
Twitter
LinkedIn
Email
Show more sharing options
Share Show more sharing options

Reprint

For reprint and licensing requests for this article, click here.

TRENDING

Payment processing

When rioters attacked the Capitol, these payment companies were quick to respond

Some companies cut off the flow of cash to insurrectionists, while others put a halt to their political spending. Their actions came quickly after the events of Jan. 6.

By John Adams

22m ago
Enforcement actions

NCUA takes over Indianapolis' Newspaper Federal Credit Union

In placing the $6.6 million-asset institution in conservatorship, the regulator has taken charge of two credit unions in just the first two weeks of the year.

By Aaron Passman

33m ago
Digital banking

Morgan Stanley's transformation chief pushes cloud tech, diversity

Sigal Zarmi, who took on broader duties this fall, is modernizing the company's technological infrastructure and using reverse mentoring to combat bias in the workplace.

By Miriam Cross

44m ago

MORE FROM AMERICAN BANKER

Risk management

OCC’s ‘fair access’ rule could be short-lived under Biden

Issued in the final days of the Trump administration, the regulation has united banks, gun-control advocates and environmentalists in opposition. It could be blocked by Congress or a comptroller chosen by the new president.

By Brendan Pedersen

January 14
Law and regulation

NCUA board splits over changes to controversial capital rule

In a party-line vote, the agency issued a proposal that would redefine a "complex" credit union.

By John Reosti

January 14
Housing finance reform

GSEs allowed to keep more earnings, but what comes next is uncertain

The FHFA and Treasury will allow Fannie Mae and Freddie Mac to hold more capital as part of the Trump administration's plans to release the companies from conservatorship. But it is unclear whether the incoming Biden administration will keep the mortgage giants on the same reform path.

By Hannah Lang

January 14
Law and regulation

NCUA, CFPB to coordinate some oversight of large credit unions

The National Credit Union Administration and the Consumer Financial Protection Bureau will hold strategy sessions and share information tied to consumer protections at institutions with more than $10 billion of assets.

By Ken McCarthy

January 14
Consumer banking

Truist’s marketing pact with NFL has social justice hook

A sponsorship deal between the regional bank and the league will emphasize economic empowerment and financial education. It's a good example of how corporations increasingly seek to associate their brands with a cause or purpose, experts say.

By Laura Alix

January 14
Mortgages

First Republic profits jump 20% on surging mortgage demand

Loan originations hit a record $16.7 billion in the fourth quarter, though executives caution that a recent rise in mortgage rates could slow refinancing activity.

By Allissa Kline

January 14