The FHLB Chicago launched the Community First® Fund, a $50 million revolving loan fund that provides direct support to community development financial institutions, community development loan funds, and state housing finance agencies serving Illinois and Wisconsin.
The Community First Fund is unique in the Federal Home Loan Bank System and provides organizations with lower-interest-rate, longer-term financing that focuses on expanding their capacity for affordable housing and economic development lending in the communities they serve.
A New Type of Strategic Funding
The fund marks a new chapter in community investment at the FHLB Chicago and a fundamental shift toward a broader, more holistic approach to community development. The fund provides organizations the resources they need to employ their expertise and allocate funds according to the demands they see at the local level. Among the unique features of the fund is its capacity to support economic development in addition to the FHLB Chicago's traditional emphasis on affordable housing.
Community First Fund Partners
The FHLB Chicago is pleased to partner with these community development organizations that support the communities served by FHLB Chicago member financial institutions in Illinois and Wisconsin.
Benefits of a Revolving Loan Fund
The Community First Fund is a revolving loan fund. The FHLB Chicago expects to be able to continue lending as loans are repaid, extending the life of the fund. As the fund is replenished, opportunities to continue to support existing partners and explore new partnerships that support the fund's mission may be created.
Questions related to the Community First Fund can be directed to the FHLB Chicago Community Investment group at 312-565-5824.