The Federal Home Loan Bank of Chicago awarded more than $28 million to help finance 99 affordable housing projects through its competitive Affordable Housing Program.
In addition, the housing projects are located primarily in Illinois and Wisconsin.
"The 2013 AHP awards will assist in the purchase, rehabilitation, and new construction of more than 4,500 affordable housing units through 99 projects," said Sam Nicita, community investment officer at the Federal Home Loan Bank of Chicago.
"This is nearly double the number of projects that received an AHP award last year. We are thrilled to provide this level of support to projects that meet the important housing needs in our communities by offering safe affordable housing options," Nicita added.
Since 1989, the bank has awarded over $316 million in competitive AHP grants, helping provide housing for families whose incomes are 80% or less of the area median income.