FHLBank Chicago Member Benefits
Explore what our cooperative model offers each member—from unique support to quick funding access.
Empowering Our Members
At FHLBank Chicago, membership means more than access to financial products—it’s a partnership rooted in shared purpose, community impact, and long-term value.
Community Investment & Affordable Housing
We help our members strengthen local economies, make affordable housing more accessible, and lend money where their communities need it most. Membership unlocks participation in impactful programs like:
- Community First® Programs, which support affordable housing, economic development, and small business growth
- Downpayment Plus® Programs, offering down payment and closing cost assistance to income-eligible homebuyers
- Affordable Housing Program (AHP) General Fund, providing forgivable grants through our members to a project sponsor to subsidize the acquisition, new construction, and/or rehabilitation of affordable rental or owner-occupied housing.
Enhanced Returns & Member-Focused Service
FHLBank Chicago rewards active participation by utilizing our products and programs:
- Members receive dividends on both membership and activity stock, which can effectively reduce borrowing costs and improve the return on Mortgage Partnership Finance® (MPF®) loans
- Funding to meet business objectives and generate growth
- Flexible funding structures to manage interest rate and other risks
- Access to dedicated advisors to help you manage your balance sheet
Strategic Funding & Liquidity
As a member-owned cooperative, we offer a reliable source of liquidity through competitively priced advances and flexible funding structures. Members benefit from:
- Access to the global debt markets for cost-effective funding
- Term funds with maturities of 10 years or longer
- Irrevocable letters of credit to support public unit deposits and other obligations
- Access to the MPF® Program, FHLBank Chicago's mortgage finance alternative
Community Investment & Affordable Housing
We help our members strengthen local economies, make affordable housing more accessible, and lend money where their communities need it most. Membership unlocks participation in impactful programs like:
- Community First® Programs, which support affordable housing, economic development, and small business growth
- Downpayment Plus® Programs, offering down payment and closing cost assistance to income-eligible homebuyers
- Affordable Housing Program (AHP) General Fund, providing forgivable grants through our members to a project sponsor to subsidize the acquisition, new construction, and/or rehabilitation of affordable rental or owner-occupied housing.
Enhanced Returns & Member-Focused Service
FHLBank Chicago rewards active participation by utilizing our products and programs:
- Members receive dividends on both membership and activity stock, which can effectively reduce borrowing costs and improve the return on Mortgage Partnership Finance® (MPF®) loans
- Funding to meet business objectives and generate growth
- Flexible funding structures to manage interest rate and other risks
- Access to dedicated advisors to help you manage your balance sheet
Strategic Funding & Liquidity
As a member-owned cooperative, we offer a reliable source of liquidity through competitively priced advances and flexible funding structures. Members benefit from:
- Access to the global debt markets for cost-effective funding
- Term funds with maturities of 10 years or longer
- Irrevocable letters of credit to support public unit deposits and other obligations
- Access to the MPF® Program, FHLBank Chicago's mortgage finance alternative
FAQs
Find answers to your most pressing FHLBank Chicago questions.
FHLBank Chicago is a government-sponsored enterprise and one of 11 Federal Home Loan Banks (FHLBanks) that, along with the Office of Finance, comprise the Federal Home Loan Bank System. FHLBanks were established in 1932, and today provide reliable, short-term liquidity and long-term funding to support housing finance and community investment to nearly 6,500 financial institutions across the United States. Each FHLBank operates as an independent private entity with its own management, employees and Board of Directors. FHLBanks are supervised and regulated by the Federal Housing Finance Agency (FHFA), an independent federal agency in the executive branch of the U.S. government.
Each FHLBank is a privately capitalized, member-owned cooperative with members from a congressionally defined geographic district. Our district consists of the states of Illinois and Wisconsin, and our membership is comprised of commercial banks, credit unions, insurance companies, savings institutions and community development financial institutions (CDFIs). We do business with our members by providing liquidity and funding in the form of advances (secured loans) and letters of credit, and through member participation in our Mortgage Partnership Finance (MPF) Program. We also operate our MPF Program in support of other FHLBank members across the country. Delivering on our liquidity mission drives our ability to invest in our members’ communities by providing grants, discounted advances and other products and programs that support affordable housing and community development.
FHLBank Chicago is a wholesale bank established to support mortgage lending and community investment. We provide liquidity to member institutions in Illinois and Wisconsin. Our goal is to meet the unique needs of each community we serve.
What Our Members Are Saying
Tim Schinkten
AVP, Loan Servicing Manage, Nicolet National Bank
Sandy DeMond
SVP, Director of Community Banking, Busey Bank
Brian Gansauer
Community Bank President, Southern Illinois Region, Peoples National Bank
Nick Brooks
Chief Lending Officer, IAA Credit Union