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<\/a>\nThese enhancements reflect strong member interest in the program and provide participating financial institutions with more opportunity to deliver eligible Habitat loans through the MPF Program. Through support from FHLBank Chicago, the program helps participating members offer mortgage rates approximately 2.5 percentage points below prevailing market rates while receiving premium pricing on eligible loans. Funding is available on a first-come, first-served basis until fully reserved or through the end of the year.<\/p>
\nThe higher limit gives approved members more flexibility to deepen Habitat partnerships, support qualified homebuyers and strengthen community investment efforts. The program also offers additional underwriting flexibility for Habitat borrowers and uses the existing MPF delivery commitment and funding process.<\/p>
\nFor members that do not already have a relationship with a local Habitat affiliate, FHLBank Chicago, in partnership with Illinois and Wisconsin Habitat affiliate support organizations, can help facilitate an introduction to foster new partnerships across Illinois and Wisconsin.<\/p>
\n\u201cThe strong interest we\u2019ve seen in the MPF Habitat for Humanity Program reflects the important role our members play in expanding access to affordable homeownership,\u201d said Patrick Sullivan, EVP, Group Head, MPF Program, FHLBank Chicago. \u201cBy increasing available subsidy and member capacity, FHLBank Chicago is helping more participating financial institutions support Habitat partnerships and deliver affordable mortgage options to qualified homebuyers.\u201d<\/p>
\nMembers may also pair the MPF Habitat for Humanity Program with other FHLBank Chicago offerings, including the Downpayment Plus\u00ae<\/sup> (DPP\u00ae<\/sup>) Program<\/a>, which provides grants of up to $10,000 for down payment and closing cost assistance, and the Community Advance<\/a>, which offers discounted funding for affordable housing.<\/p> \nFHLBank Chicago members interested in participating in the MPF Habitat for Humanity Program should contact their MPF Sales Director to learn more. Members must be approved to participate in the MPF Program.<\/p> \nAbout the Federal Home Loan Bank of Chicago<\/b><\/p> \nFHLBank Chicago is a regional bank in the Federal Home Loan Bank System. FHLBanks are government-sponsored enterprises created by Congress to ensure access to low-cost funding for their member financial institutions, with a focus on providing solutions that support the housing and community development needs of members\u2019 customers. FHLBank Chicago is a self-capitalizing cooperative, owned by Illinois and Wisconsin members, including commercial banks, credit unions, insurance companies, savings institutions and community development financial institutions. To learn more about FHLBank Chicago, please visit fhlbc.com.<\/p> \n\u201cMortgage Partnership Finance\u201d and \u201cMPF\u201d are registered trademarks of the Federal Home Loan Bank of Chicago.<\/p>