Summit Credit Union has distributed $470,000 in down payment assistance grants so far this year through a partnership with the Federal Home Loan Bank of Chicago, helping 47 families purchase homes.
The Cottage Grove, Wis.-based credit union provided the assistance through FHLBank Chicago's Downpayment Plus program, which offers eligible first-time homebuyers up to $10,000 in forgivable grants for down payment and closing costs.
Members must meet income requirements, contribute at least $1,000 of their own funds and complete a homeownership education course to qualify for the assistance.
Summit distributed more than $1 million in Downpayment Plus grants in 2025, helping more than 100 households become homeowners.
The program is intended to help homebuyers facing rising home prices and increasing upfront costs, including down payments, closing costs and prepaid expenses, according to Summit. According to the credit union, access to down payment assistance can be particularly important for women who may face financial barriers to homeownership.
"As we celebrate National Homeownership Month, we're proud to help more families take the next step toward owning a home," Kim Sponem, president/CEO of Summit, said. "For many women, buying a home is about what comes next: stability, options and a stronger future. As the No. 1 mortgage lender in Wisconsin, we're committed to making home ownership more accessible by connecting members with the right tools, guidance and support."
FHLBank Chicago's Downpayment Plus and Downpayment Plus Advantage programs provide forgivable grants through member financial institutions to assist income-eligible homebuyers with down payments and closing costs. Eligible households can receive up to $10,000 in assistance that is applied at closing.
According to FHLBank Chicago, the programs provided $43 million in down payment assistance in 2025, helping more than 4,500 households across Illinois and Wisconsin. Since the program launched in 1994, more than $330 million has been distributed to support more than 51,000 households.
"Demand for down payment assistance continues to grow as affordability tightens," Katie Naftzger, SVP and community investment officer at FHLBank Chicago, said. "By partnering with our members, we are helping households who are ready to buy to bridge that gap."
FHLBank Chicago has $31 million available for the Downpayment Plus programs in 2026.
Summit has $8.6 billion in assets and serves more than 280,000 members through 58 locations in Wisconsin.
Joyce Moed can be reached at joyce.moed@arc-network.com.
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