Federal Home Loan Bank has announced expanded funding of its Downpayment Plus® (DPP®) grant program, allocating an additional $14 million to bring the total 2023 program budget to $42 million. The addition represents a 130% increase over 2022 grant assistance program funding for qualified home buyers.

This grant increase comes during National Homeownership Month and at a time when Americans are facing market and inflationary challenges on their path to owning a home. With FHLBank Chicago DPP participation already up 48% year-over-year, this increase in funds will improve access to homeownership for low- and moderate-income households and put more people in the home of their dreams than ever before.

Kristian Catalan, a recent DPP grant recipient through FHLB member CIBC US, said, “Being able to purchase my first home is not only exciting, it is putting me on a path for healthy financial stability for my family. I’m grateful for FHLBank Chicago’s Downpayment Plus program as it was able to bridge the gap in my financing.”

Read more about the program on the FHLB website.