FHLBank Chicago Expands Down Payment Assistance Network During National Homeownership Month

CHICAGO--(BUSINESS WIRE)--During National Homeownership Month, Federal Home Loan Bank of Chicago (FHLBank Chicago) is highlighting expanded access to down payment assistance as more member institutions join its Downpayment Plus^® (DPP^®) Program, helping households overcome upfront costs and achieve homeownership.

Four additional FHLBank Chicago member institutions began using the program in 2026, expanding the network of lenders connecting homebuyers with financial support. As of the date of this release, the new participants have already supported 10 households with $100,000 in assistance this year, with additional activity expected as demand continues across Illinois and Wisconsin.

Through the DPP Program, FHLBank Chicago provides forgivable grants of up to $10,000 to income-eligible homebuyers to help cover down payment and closing costs. In 2026, FHLBank Chicago made $31 million available through its DPP programs to support homebuyers across its district.

"National Homeownership Month is a reminder that for many households, the biggest barrier to homeownership isn’t qualification—it's upfront costs," said Katie Naftzger, SVP and Community Investment Officer at FHLBank Chicago. "We’re encouraged to see more member institutions leveraging the DPP programs to help bridge that gap and connect more homebuyers with the resources they need."

Participating member institutions include American National Bank – Fox Cities, Town and Country Bank Midwest, Alliant Credit Union and Midland Federal Savings and Loan Association.

Since joining the program in 2026, Midland Federal Savings and Loan Association has supported six households through the DPP Program, delivering $60,000 in down payment assistance through the date of this release.

"We joined the Downpayment Plus Program because we saw firsthand how down payment and closing costs can delay or prevent otherwise qualified buyers from purchasing a home," said Tracy Marks of Midland Federal Savings and Loan Association. "The program gives us another tool to support customers on their path to homeownership and helps make that goal more attainable for households in our community."

According to Midland Federal Savings and Loan Association, one borrower was able to purchase their first home, providing a safe, stable, and permanent place for their children. The grant proved to be truly life-changing, transforming years of hard work and determination into a successful and rewarding home purchase.

Since launching the DPP programs in 1994 through year-end 2025, FHLBank Chicago has allocated more than $330 million in down payment assistance, helping more than 51,000 households achieve homeownership across Illinois and Wisconsin. A significant share of recipients have been first-time homebuyers.

During National Homeownership Month, FHLBank Chicago is encouraging its member institutions and nonprofit partners to leverage the DPP programs to support eligible homebuyers in their communities.

To learn more about the DPP programs, visit fhlbc.com/DPP.

About the Federal Home Loan Bank of Chicago

FHLBank Chicago is a regional bank in the Federal Home Loan Bank System. FHLBanks are government-sponsored enterprises created by Congress to ensure access to low-cost funding for their member financial institutions, with a focus on providing solutions that support the housing and community development needs of members’ customers. FHLBank Chicago is a self-capitalizing cooperative, owned by its Illinois and Wisconsin members, including commercial banks, credit unions, insurance companies, savings institutions and community development financial institutions. To learn more about FHLBank Chicago, please visit fhlbc.com.