Community Advance
Responding to member feedback, FHLBank Chicago has combined multiple products into one, our new Community Advance, for flexible ease of use, improved application approval experience, and enhanced community building benefits.
Coming November 17, 2025, the Community Advance offers an improved process for application and approval as well as product improvements to eligibility, pricing, and requirements. Benefits include:
- Frictionless online application and approval process will minimize time to apply, confirm eligibility, and receive approval within minutes.
- Streamlined documentation, including upfront certifications.
- Expanded eligibility including new financing vehicles – mortgage-backed securities, mortgage revenue bonds, and low-income housing tax credits; loan originations to or purchase of loans from non-depository CDFIs and nonprofit mortgage originators; all eligible small businesses qualify – no AMI limit.
- Improved pricing through tiered discounts of up to 200bps based on financing type or underlying activity supported such as housing construction and rehabilitation loans, and funding for non-depository CDFI and nonprofit mortgage originators.
- No match funding requirements
- Both floating and fixed rate advances available
