Competitive AHP Round Open
The FHLBank Chicago’s 2019 competitive Affordable Housing Program (AHP) opened on May 6 and closes on June 14. Read more.
Learn More About Community Lending: Attend Our Webinar on June 27
The Community Investment staff joins the FHLBank Chicago Member Strategy and Solutions team on the June 27 Weekly Market Update webinar. This special webinar will focus on FHLBank Chicago’s community lending programs, including: the Community Development Advance, Community Housing Advance, and Community Small Business Advance. By attending this webinar, FHLBank Chicago members will learn how these products can support their affordable housing and economic development lending goals. Register now. Be sure to select the June 27 date from the drop down menu when registering.
DPP Program Update The FHLBank Chicago’s 2019 Downpayment Plus® (DPP) and Downpayment Plus Advantage® (DPP Advantage®) programs opened on January 14. So far this year participating members have reserved $10.5 million on behalf of more than 2,000 homebuyers. The annual member limit remains at $420,000, available on a first-come, first-served basis as long as funds are available. Please contact us at 312-565-5824 or email@example.com with any questions.
Joint Meeting in Milwaukee
The FHLBank Chicago’s annual joint meeting of its Board of Directors and Community Investment Advisory Council was held on June 3 in Milwaukee, Wisconsin. Highlights included a tour of the Gerald L. Ignace Indian Health Center, a nonprofit community clinic dedicated to the health and well-being of Milwaukee’s Native American population, and remarks from the Honorable Tom Barrett, Mayor of Milwaukee.
Welcome New Faces to Community Investment
IMBA Recognizes Sharon Legenza
The Illinois Mortgage Bankers Association (IMBA) recently awarded Sharon Legenza, a member of the FHLBank Chicago’s Community Investment Advisory Council, with their 2019 Affordable Housing Leadership Award. This award honors individuals and organizations who have demonstrated achievement in increasing affordable housing opportunities throughout the state. Congratulations, Sharon.
June Is National Homeownership Month
The FHLBank Chicago is proud to invest in programs that support homeownership. Last year, we assisted more than 3,600 homebuyers and homeowners through our Downpayment Plus programs and our competitive Affordable Housing Program. Additionally, the Mortgage Partnership Finance® (MPF®) Program purchased more than 59,000 mortgages from 900 members of nine Federal Home Loan Banks nationwide in support of homeownership across their districts.
HUD Mortgagee Letters and Down Payment Assistance
The FHLBank Chicago published a Community Investment Advisory in response to the U.S. Department of Housing and Urban Development’s (HUD's) recent Mortgagee Letters, which set forth updated documentation requirements for down payment assistance provided by governmental entities used in conjunction with Federal Housing Administration-insured mortgage loans, and subsequently extended their effective date until July 23, 2019. Read the advisory for more information.
2019 HUD Income Limits Now Available HUD has released income limits for 2019. Effective May 3, these limits are used to determine income eligibility for the competitive Affordable Housing Program and DPP programs. New income limits are also available for Community Advances. Visit our HUD Income Guidelines webpage for more information and resources.
FHLBank in Your Community
View photos from events attended by FHLBank Chicago staff.
Location: Cudahy, Wisconsin
AHP award: $750,000
Member: First American Bank
Sponsor: Midwest Affordable Housing Corp.
Photo courtesy of Midwest Affordable Housing Corp.