FHLBank Chicago Launches 2026 Downpayment Plus® Grant Programs, Unlocking $28 Million to Support Homebuyers in Illinois and Wisconsin

CHICAGO--(BUSINESS WIRE)--The Federal Home Loan Bank of Chicago (FHLBank Chicago) is addressing housing affordability with the launch of its 2026 Downpayment Plus (DPP^®) and Downpayment Plus Advantage^® (DPP Advantage^®) grant programs. $28 million will be made available through these programs to help income-eligible homebuyers across Illinois and Wisconsin overcome one of the most significant barriers to homeownership: saving for a down payment.

This announcement comes as housing affordability remains a challenge for many households, with rising costs and limited inventory creating obstacles for first-time and low-to-moderate income buyers.

Through partnerships with member financial institutions, FHLBank Chicago’s DPP and DPP Advantage programs offer forgivable grants to homebuyers earning up to 80% of the area median income. Eligible households may receive up to $10,000 in assistance, which is applied at closing...

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Leo`s notes: For many working families across Wisconsin and Illinois, the barrier to homeownership isn’t monthly payments so much as the upfront cash required to get in the door. In a tight housing market with limited supply, pairing new construction with smart, targeted tools like these is exactly how communities turn aspiration into opportunity and renters into long-term stakeholders.