The Federal Home Loan Bank of Chicago (FHLBank Chicago) recently hosted a key meeting to address housing needs in Illinois and Chicagoland. The event, held at Union Avenue Apartments in Orland Park, brought together U.S. Congressman Sean Casten (IL-06), IFF, and the Illinois Housing Development Authority (IHDA) to discuss barriers and solutions for affordable housing.
FHLBank Chicago presented a $2 million check to IHDA from its Community First® Housing Counseling Resource Program (HCRP) to support first-time homebuyer counseling. The Union Avenue Apartments, supported by FHLBank Chicago’s Affordable Housing Program (AHP) General Fund, offers 16 affordable units to individuals with developmental disabilities. The project received an AHP grant of $192,180 in 2021 through IFF.
Michael Ericson, President and CEO of FHLBank Chicago, emphasized the importance of partnerships with local financial institutions, developers, and community leaders to address housing challenges. Congressman Casten highlighted the need for ongoing dialogue and collaboration to overcome affordable housing barriers.
IFF and IHDA utilize programs like AHP, Downpayment Plus Program® (DPP®), and HCRP to enhance housing affordability and support buyers. Jose Cerda from IFF praised the Union Avenue Apartments project for its impact on people with disabilities. IHDA Executive Director Kristin Faust underscored the significance of housing counseling in helping families achieve homeownership and financial stability, citing that over 27,000 households have benefited from HCRP funding.
