Overview of the Community Impact Advance Pilot Program
COMING SOON: We will be reopening the application portal in eBanking for the Community Impact Advance at 10 a.m. CT on Wednesday, November 13, 2024. Member institutions who have not exhausted their $1 million subsidy limit will be able to submit new applications at this time. If members are unsure about their institution's current usage, pelase reach out to your Sales Director. For more information, please log into eBanking and read the message center post titled "Community Impact Advance Reopening November 13." If you are an FHLBank Chicago member and have any questions, please contact your Sales Director directly or our Member Transaction Desk at mtd@fhlbc.com or 855.345.2244, option 1.
The Community Impact Advance Pilot Program (Program) is an advance product that allows members and housing associates to borrow at 50 to 200 basis points (bps) below regular advance interest rates to support affordable housing, economic development, and community partners in Illinois and Wisconsin. The program will open on July 16, 2024, and run through June 30, 2027, with a total of $50 million in interest rate subsidies available to members.
Benefits of the Community Impact Advance:
- Potential Community Reinvestment Act (CRA) credit
- Discounted funding, up to 200 bps, off regular advance interest rates
- Amplify your support of community development activities
- Develop new or strengthen existing customer relationships
- Enhance relations with underserved communities and expand your community reach
FHLBank Chicago members can execute a Community Impact Advance by calling the Member Transaction Desk at 855.345.2244, option 1.
