Laserfiche WebLink
WHAT IS THE PARTICIPATION PRUCESS? <br /> Unlike the Affordable Housing Program(AHP),the applicant does not have to compete h�ith <br /> other institutions for the CIP tunds.CIP ad�•ances are conti�wousl��a��ailable as a source ot funds. <br /> Applications tor projects are accepted continually�. Project or pian appro�-al tor tunding can occur <br /> within one or tH�o weeks. <br /> WHA'f ARE SOME E�AMPLES OF ELIGIBLE AC?IVITIES <br /> • Mortgage funds for first time homebuyers. • <br /> • Short term advances to fund the pipeline for mortgages that beneflt low-and moderate-income <br /> home buyers. <br /> • Construction and/or permanent loans tor multi-tamil��housing programs for income-eligible . <br /> renters. <br /> • Bridge loans for projects using Low Income Housing Tax Creditc. � <br /> • Conslruction and/or permanent loans for commercial reai estate projecls that benefit low�-income <br /> residents or that are located in loK�er-income neighborhoods. <br /> VVHAT ARE THE REQUIREMENTS? <br /> Periodic reports regarding the use of funds��ill be reyuired. The Bank�vill,trom time to time, <br /> monitor,audit,and re��iew member compliance. • <br /> WHAT ELSE SHOULD 1 BE AWARE OF? <br /> Technical Assisiance: Bank staff is a�•ailabie to assist stockl�olders andlor nonprofit and other <br /> communit�-based sponsnrs in the detailed development of plans for the use ot CIP funds. <br /> Affordable Housi�rg Progran: (AHP): The Bank also offers<<subsidiixd program for af'fordable <br /> ° housing initiati��es. For more information please refer to th�AHP Fact Sheet or cail an��of the <br /> staff inembers listed below. <br /> VVHUl14 SHUULD 1 CONTACT FOR ADDITIONAL INFURMATION? <br /> Charles M.Hill,Sr.(312)56�-5705 Gregor�•A.l:edzior(312)565-5718 <br /> Scott A.Ste��•art(312)565-5725 <br /> Federal Home Loan Bank ot Chicago <br /> Community Im�estment Dep3rtment <br /> I I1 East Vti'acker Driv� <br /> Chicago,Illinois 606G1 <br />