FHLBank Chicago 2024 Impact Report

In a year where interest rates remained elevated and the state of the economy was top of mind, FHLBank Chicago remained constant in its unwavering support for our financial institution members, their customers, and communities. Throughout the year, and as always, we made sure our members had the necessary financial support to navigate any situation. That is central to our purpose—to be a stabilizing force through both turbulence and routine, constancy and change.

We are in a strong position to address housing affordability and supply across our district. FHLBank Chicago has been closely collaborating with the Federal Housing Finance Agency (FHFA), Congress, our Board, members, and key stakeholders to set ourselves on a solid trajectory for the future. While planning for the future, we continued actively serving homebuyers, renters, housing developers, and small businesses across Illinois and Wisconsin in partnership with our members.

There are many achievements to celebrate in 2024, including welcoming 8 new members to FHLBank Chicago and 33 financial institution participants to our national Mortgage Partnership Finance® (MPF®) Program. We supported the creation or preservation of over 7,800 jobs and over 7,300 housing units by funding $1.9 billion in discounted Community Advances. We also launched the Community Impact Advance Pilot Program to provide up to $50 million in interest rate subsidies to support our members’ efforts in increasing housing supply and development activity and job creation. Through this program, we funded over $550 million in discounted advances for our members.

Additionally, we awarded or disbursed $107 million in community investment grants, aiding affordable housing for more than 1,300 individuals or families and providing downpayment assistance to over 4,400 homebuyers. These grants also helped over 520 small businesses to invest and grow.

We reached new heights in supporting our members and the communities they serve in 2024. This report demonstrates that dedication through every form of support. As we reflect on our achievements, we also look forward to unlocking even more opportunities to invest in housing and community development for years to come.