Pilot Program Will Amplify Affordable Housing and Economic Development Investment in Illinois and Wisconsin
CHICAGO--(BUSINESS WIRE)--The
Federal Home Loan Bank of Chicago (FHLBank Chicago) is providing $50
million in interest rate subsidies to help expand affordable housing,
economic development, and community partnerships in Illinois and
Wisconsin through its new Community Impact Advance Pilot Program. This
Program provides an up to two percent reduction in interest rates on
advances, which are secured loans, to help FHLBank Chicago member
financial institutions support their customers and amplify the impact
they are making in their communities..
Ken Notes: We desperately need affordable housing for service and retail workers, wouldn`t it make sense to create a lower interest rate for homes under say 200K. Market demand would increase, developers would build them, and we would start to house those who are supporting our economy. They would build equity for their future and we would start to balance the economy. Not we have huge unsecured debt, increasing rents, long commutes, and other issues that will cause real problems in a down economy. I hope I am wrong...
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- - Volume: 24 - WEEK: 29 Date: 7/17/2024 2:03:01 PM -