FHLB To Fund More Low-IncomeMortgages
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.