CHICAGO, IL and MILWAUKEE, WI--(Marketwired - Dec 19, 2013) - BMO Harris Bank today announced it has been awarded grants from the Federal Home Loan Bank of Chicago (FHLBC) for 24 affordable housing projects.
The FHLBC's Affordable Housing Program (AHP) assists in the creation and preservation of affordable housing. This year's program was very competitive, with 143 applications and over $43 million in AHP funds requested. The FHLBC awarded $28.3 million that will help to finance 99 affordable housing projects and assist in the purchase, rehabilitation, preservation and new construction of 4,595 affordable housing units.
"BMO Harris Bank believes it's important to build strong communities by providing financing for affordable housing projects," said Daniela O'Leary-Gill, Chief Community Reinvestment Officer, BMO Harris Bank. "This financing will make a meaningful difference in the lives of hundreds of individuals and families in Illinois and Wisconsin and will help revitalize local communities."
BMO Harris Bank has been a participating member of the Federal Home Loan Bank of Chicago's Affordable Housing Program since 1992. During that time, the FHLBC's Affordable Housing Program has awarded the bank approximately 270 projects totaling over $57.2 million in grant funds.
BMO Harris Bank housing project locations supported by these funds in Illinois include Chicago, Huntley, Lisle, Matteson, Woodridge, along with Cook, Kane, and Northern Will counties. Locations in Wisconsin include Milwaukee, Madison, Sheboygan, Wisconsin Rapids and Calumet, Outagamie, Crawford, La Crosse, Monroe, Vernon, Kenosha, Milwaukee, Racine, Walworth and Waukesha counties.
FHLBC members can apply for AHP funds on behalf of community projects, which the FHLBC awards through a competitive process. FHLBC shareholders, local developers, community organizations and public agencies will leverage these funds with other financing sources to purchase, construct, rehabilitate, or preserve affordable rental or owner-occupied units. Since 1989, the Federal Home Loan Bank of Chicago has awarded more than $316 million in competitive AHP grants, which have helped provide housing for families whose incomes are 80% or lower of the area median income.
About BMO Harris Bank
BMO Harris Bank provides a broad range of personal banking products and solutions through more than 600 branches and approximately 1,300 ATMs in Illinois, Wisconsin, Indiana, Kansas, Missouri, Minnesota, Arizona and Florida. BMO Harris Bank's commercial banking team provides a combination of sector expertise, local knowledge and mid-market focus throughout the U.S. For more information about BMO Harris Bank, go to the company fact sheet. Banking products and services are provided by BMO Harris Bank N.A. and are subject to bank or credit approval. BMO Harris Bank® is a trade name used by BMO Harris Bank N.A. Member FDIC. BMO Harris Bank is part of BMO Financial Group, a North American financial organization with approximately 1,600 branches, and CDN $537 billion in assets (as of Oct. 31, 2013).