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FHL Bank Chicago Affordable Housing Program
501(c)(3) Not Requirement
These resources may allow eligible non-501(c)(3) developers or businesses under particular program
routes. This is NOT a certification that a new application round is open or that Your Second Chance
meets every rule. Prioritize housing-fit and available funding over unrelated commercial programs.
FHLBank Chicago Affordable Housing Program
Website:
501(c)(3) Status:
501(c)(3) Status:
No blanket requirement. Eligible nonprofit and for-profit sponsors may
participate.
Description:
Description:
Competitive grants for acquisition, new construction or rehabilitation of affordable housing.
The General Fund covers eligible owner-occupied and rental projects.
Maximum Grant Amount:
Maximum Grant Amount:
2027 cap: $2,000,000 per project or 75% of total project costs, whichever is less. Awards depend on eligible subsidy need and competitive scoring.
Area:
Area:
FHLBank Chicago district: Illinois and Wisconsin. Chicago is in-district.
Who Can Apply:
Who Can Apply:
An eligible FHLBank Chicago member and a qualified project sponsor apply together. Your Second Chance would seek to be the sponsor.
Key Requirements:
Key Requirements:
Eligible buyer income, documented subsidy need, a feasible project budget, and applicable affordability and retention rules.
LTV:
LTV:
N/A for the grant. Any mortgage has separate lender terms.
FICO:
FICO:
N/A for the grant. Any mortgage has separate lender terms.
Forms:
Forms:
AHP Online application access Click Here
2027 application exhibits page (exhibits expected spring 2027). Click Here
2026 owner-occupied sponsor guide (reference). Click Here
Required Docs:
Required Docs:
Prepare site information and evidence of site control, if available.
Prepare the development budget, funding sources and subsidy request.
Gather sponsor qualifications and the plan to serve income-qualified buyers.
Availability:
Availability:
2026 round closed. 2027 deadline has yet to be confirmed.
Deadline:
Deadline:
Prior round closed June 12, 2026, at 5 p.m. Central.
Contact:
Contact:
ahp@fhlbc.com
Notes:
Notes:
Ask an eligible member bank whether it will partner with Your Second Chance on one new owner-occupied home in Chicago and what it needs to review the project.