Cinnaire, a leading affordable housing organization, has been granted $6 million in subsidies from the FHLBank Chicago’s Affordable Housing Program (AHP). This funding will support three housing projects in Illinois and Wisconsin.
The AHP awards will be used to finance the renovation, adaptive reuse, and new construction of 233 affordable housing units. In total, FHLBank Chicago awarded $47 million this year to fund 35 projects across both states. These developments will provide over 1,300 homes for seniors, veterans working families and other vulnerable populations.
Elisabeth Rask , Director of CDFI Funding at Cinnaire stated: “For almost ten years now we have worked closely with FHLBank Chicago to deliver impactful solutions that address the pressing need for affordable housing among underserved communities.”
Michael Ericson , President and CEO of FHLBank Chicago also commented on the importance of these grants: “Access to safe and affordable housing remains a top priority for residents in Illinois and Wisconsin. With high interest rates , limited supply of homes available on market shelves as well as increased construction costs; these funds are essential.”
