FHLBank Chicago Expands Housing Counseling Grants to Boost Waukesha Homebuyers
Event summary
- FHLBank Chicago and WHEDA awarded grants to 14 Wisconsin organizations, including La Casa de Esperanza, through the Community First® Housing Counseling Resource Program (HCRP).
- Since 2022, the HCRP has distributed $13 million, supporting 105,000 households and nearly 9,000 homeowners by year-end 2025.
- La Casa de Esperanza will use the funding to enhance housing counseling services in the Waukesha area.
- Julia Castillo, a single mom, received a $10,000 Downpayment Plus® grant from FHLBank Chicago to assist with down payment and closing costs.
The big picture
FHLBank Chicago's HCRP aligns with broader industry trends of enhancing financial literacy and supporting sustainable homeownership. The program's success in Illinois and Wisconsin highlights the growing need for pre-purchase counseling and down payment assistance, particularly in markets with rising housing costs. The cooperative model of FHLBanks ensures that these initiatives are self-sustaining and member-driven, reinforcing their role in community development.
What we're watching
- Program Scaling
- Whether FHLBank Chicago can sustain the pace of grant distributions and expand the HCRP to other regions.
- Homebuyer Readiness
- How the increased access to housing counseling will impact the pipeline of mortgage-ready applicants.
- Partnership Dynamics
- The effectiveness of collaborations with WHEDA and IHDA in addressing housing affordability challenges.