A Milwaukee affordable housing project has been awarded a $2 million grant from the
Federal Home Loan Bank of Chicago (FHLBank Chicago).
The funding will support a project called
Vliet Street Lofts, which will rehab 62 housing units along Vliet Street to be set aside as affordable units, according to a press release from FHLBank Chicago. The project is being led by
Lutheran Social Services of Wisconsin and Upper Michigan Inc.
Lutheran Social Services did not immediately respond for further comment on the project.
FHLBank Chicago announced Wednesday that it has awarded a total of more than $47 million through its 2024 Affordable Housing Program (AHP) General Fund round. The money will help finance 35 housing projects located primarily in Illinois and Wisconsin, enabling the acquisition, rehabilitation and new construction of more than 1,300 housing units.
Applications for AHP grants are submitted annually by for- and not-for-profit developers, government units, public housing authorities and tribally designated entities through an FHLBank Chicago member institution, which includes commercial banks, savings institutions, credit unions, insurance companies and community development financial institutions in Illinois and Wisconsin.
“Access to affordable housing remains a top priority across Illinois and Wisconsin communities, especially as residents continue to contend with high interest rates, a deficit of housing supply, and increased construction costs," said Michael Ericson, president and CEO of FHLBank Chicago, in a release. "Through AHP, we are proud to support our members as they champion organizations that increase options for quality housing for all."
As of year-end 2023, FHLBank Chicago has allocated more than $500 million in AHP grants since 1989, assisting in providing housing to more than 80,000 households across its district. In 2024, FHLBank Chicago increased awards up to $2 million per project to drive greater impact for these projects. The 35 awarded housing projects this year will support rural, urban, and tribal communities to add rental and owner-occupied affordable units for a diverse population such as seniors, veterans, and working families.
