Community First April Newsletter

  • April 6, 2020
The April 2020 edition of the Community First Newsletter is now available. 
Click here to see the browser version.

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2019 Annual Report: Making Moves Together
The FHLBank Chicago recently published its 2019 Annual Report, which highlights how we support our members, partners, and the communities they serve. Learn how the Community First® Disaster Relief Program helped a small town in Wisconsin, how our members and partners preserve affordable rental housing in Chicago’s Pilsen neighborhood, and more.

News
Competitive Affordable Housing Program Opens May 4
The FHLBank Chicago has allocated $23.5 million to its 2020 competitive Affordable Housing Program (AHP). Applications for the 2020 round may be initiated in AHP Online beginning Monday, May 4. The application deadline is 5:00 p.m. CT on Friday, June 12. Read about upcoming training opportunities and resources.

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Now Accepting Capacity-Building Grant Applications

The FHLBank Chicago is now accepting applications for its Community First® Capacity Building Grant Program. Nonprofit lenders with a footprint in Illinois and Wisconsin may apply for up to $50,000 in grant funds, through FHLBank Chicago members, to strengthen their financial position, operational efficiency, and/or human capital. The application deadline is Friday, May 1. Read the application for more details and program guidelines.

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Community First Awardees
The FHLBank Chicago recently announced 2020 Community First Awards recipients. These awards celebrate outstanding achievements of member institutions and their local partners as they work together to strengthen their communities. Awardees identify a nonprofit organization to receive up to $10,000 on their behalf. Read more about the awardees.

DPP Resources
The 2020 Downpayment Plus® (DPP®) and Downpayment Plus Advantage® (DPP Advantage®) programs opened on January 13 with an initial allocation of $5 million; additional allocations will be made. Members may visit our DPP videos webpage for a 2020 program overview and other video resources.

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Policy Corner
Repayment Changes
The FHLBank Chicago allows members to use a proxy method, based on the United States Department of Housing and Urban Development (HUD) sales price data, to determine forgiveness opportunities for DPP grants and competitive AHP grants for owner-occupied acquisition-only and acquisition/rehabilitation units. The repayment worksheet has been updated to reflect HUD’s new sales price data. To learn more, read our recent advisories.

Community Lending Plan Amended
The FHLBank Chicago Board of Directors recently approved amendments to the 2020 Community Lending Plan. The Community Lending Plan uses market research to assess affordable housing and economic development needs in Illinois and Wisconsin. The recent amendment adds updated market research data in addition to qualitative and quantitative goals.

Project Spotlight

East Park SRO
Location: Chicago, Illinois
AHP Award: $850,000
Member: CIBC Bank USA
Sponsor: Generations Housing Initiatives
Photo credit: Chuck Gullett 

Contact Us

Please direct all media and investor inquiries to:

Erin Kopecky
Vice President, Director, Communications
ekopecky@fhlbc.com
3
12.565.5297