CHICAGO, IL--(Marketwire - Jan 14, 2013) - BMO Harris Bank today announced it has received awards from the Federal Home Loan Bank of Chicago (FHLBC) for 16 affordable housing projects. BMO Harris Bank's awards total $4,239,472, representing 440 units of rental housing and 332 owner-occupied units of affordable housing.
The FHLBC's Affordable Housing Program (AHP) assists in the creation and preservation of affordable housing. This year's program received 115 applications requesting AHP funds. The FHLBC is awarding over $19 million that will support 58 affordable housing projects.
"BMO Harris Bank continues to be a leader in helping developers and organizations strengthen their local communities by providing financing for affordable housing projects," said Mark Furlong, President & CEO, BMO Harris Bank. "This additional source of funding allows us to reinforce our partnerships and create healthy communities while spurring economic growth."
BMO Harris Bank housing project locations supported by these funds include: Chicago, Bellwood, Freeport, and Wheeling in Illinois, and Milwaukee, Appleton, LaCrosse, Kenosha, Racine, Waukesha, Madison, Walworth, Manitowoc and Sheboygan in Wisconsin.
"The Federal Home Loan Bank of Chicago congratulates BMO Harris Bank for their dedication and commitment to affordable housing," said Sam Nicita, Community Investment Officer of the Federal Home Loan Bank of Chicago. "We are proud to support BMO Harris Bank and their community partners with these grants that will help them provide affordable housing options for low- and moderate-income families."
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 more than 2,700 affordable rental or owner-occupied units.
About BMO Harris Bank
Based in Chicago, BMO Harris Bank N.A. provides a broad range of personal banking products and solutions through over 600 branches and approximately 1,300 ATMs in Illinois, Wisconsin, Indiana, Kansas, Missouri, Minnesota, Nevada, 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. Deposit and loan products and services provided by BMO Harris Bank N.A. Member FDIC. BMO Harris Bank(SM) is a trade name used by BMO Harris Bank N.A. BMO Harris Bank is part of BMO Financial Group, a North American financial organization with 1,600 branches, and a retail deposit base of approximately $180 billion.