Community First August 2019 Newsletter

  • August 5, 2019
The August 2019 edition of the Community First® newsletter is now available.   

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FHLBank Chicago Announces Capacity-Building Grant Recipients
On July 30, the FHLBank Chicago announced the 2019 recipients of its Community First® Capacity-Building Grant Program. Seven organizations, in partnership with member institutions, were awarded a total of $258,660 to strengthen their financial position, operational efficiency, and/or human capital. Applicants were evaluated based on their mission, strategy to increase lending, proposed use of grant funds, and more. To learn more about the award recipients, read the recent press release.

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News
DPP Funds Still Available

The FHLBank Chicago’s 2019 Downpayment Plus® (DPP) and Downpayment Plus Advantage® (DPP Advantage®) programsopened on January 14. So far this year, participating members have reserved $14.4 million on behalf of more than 2,800 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 dpp@fhlbc.com with any questions.

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2019 Competitive AHP Applications: By the Numbers
For 29 years, FHLBank Chicago members have partnered with community developers and public agencies to apply for competitive Affordable Housing Program (AHP) subsidies. These grants are awarded through a competitive process to the highest-scoring projects until the funds are exhausted. The 2019 competitive round closed on June 14 with 71 applications submitted by 41 members in partnership with 51 sponsors. Read more application-related statistics.

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Community Small Business Advance Subsidy Available
The FHLBank Chicago launched its Community Small Business Advance in 2018 to support members’ small business lending in low- to moderate-income communities within Illinois and Wisconsin. This product currently offers 0% financing with an overall program limit of $2 million in interest-rate subsidy for 2019. To date, eight members have submitted 20 reservations; $1,374,314 in subsidy has been approved. Learn more about the Community Small Business Advance on our website. FHLBank Chicago members may also access a recording of the June 27 Weekly Market Update webinar posted to eBanking to hear more about the product. 

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Policy Corner
Deadline for Community Support Statements Approaching

Many FHLBank Chicago members are required to submit a Community Support Statement to the Federal Housing Finance Agency every two years. The 2019 Community Support Program (CSP) opened on April 1, 2019. Members subject to Community Support review must submit their Community Support Statement by October 31, 2019 using the online CSP system. More information on Community Support review, including a list of members subject to review in 2019, can be found on our Community Support Statements webpage. Please contact us at 312-565-5824 or CommunitySupportProgram@fhlbc.com with any questions.

HUD Mortgagee Letters and Downpayment Assistance 
The FHLBank Chicago recently published this Community Investment Advisory to provide additional guidance on the U.S. Department of Housing and Urban Development’s (HUD’s) Mortgagee Letters. On July 23, 2019, HUD issued Mortgagee Letter 2019-10, further suspending the effective date of Mortgagee Letter 2019-06. We will issue further guidance as more information becomes available. Please contact Community Investment at 312-565-5824, option 1, or dpp@fhlbc.com with any questions.

Project Spotlight: 
Freedom's Path
Location: Hines, Illinois
AHP award: $700,000
Member: One Mortgage Partners Corporation
Sponsor: Affordable Housing Solutions, Inc.
Photo courtesy of Affordable Housing Solutions, Inc.
Read more about Freedom's Path. 

Calendar
Upcoming Events
August 28–30 Community Action Partnership’s Annual Convention
Chicago, IL | Attending and Sponsoring
September 18 Wisconsin Association of Housing Authorities’ Fall Conference
Milwaukee, WI | Presenting
September 19 Illinois Housing Council’s Fall Mixer
Chicago, IL | Attending
September 19 Accion’s Taste of Accion
Chicago, IL | Attending
September 19 Metropolitan Planning Council’s Annual Luncheon
Chicago, IL | Attending
September 25 Wisconsin Housing and Economic Development Authority’s Annual Conference
Madison, WI | Attending, Exhibiting, and Sponsoring
September 30–October 1 Habitat for Humanity Wisconsins Annual Conference
Elkhart Lake, WI | Attending, Exhibiting, and Sponsoring
October 2 Mercy Housing Lakefront’s Moving Forward Together
Chicago, IL | Attending and Sponsoring
October 10 Dane County Housing Initiative’s 2019 Housing Summit
Madison, WI | Attending and Sponsoring
October 20–23 Opportunity Finance Network’s Annual Conference
Washington, D.C.| Attending
October 24–25 Housing Action Illinois’Housing Matters! Conference
Bloomington, IL| Attending and Sponsori

Contact Us

Please direct all media and investor inquiries to:

Erin Kopecky
Vice President, Director of Communications
312.565.5297
ekopecky@fhlbc.com