Community First April Newsletter

  • April 7, 2021

Affordable Housing Program General Fund Competitive Round Opens May 3
FHLBank Chicago has allocated $28.6 million to its 2021 Affordable Housing Program (AHP) General Fund. Applications for the 2021 round may be initiated in AHP Online beginning Monday, May 3. The application deadline is 5:00 p.m. CT on Friday, June 11. Read about upcoming training opportunities and resources.

2020 Annual Report: Strength Through Partnership
FHLBank Chicago recently published its 2020 Annual Report, which highlights how we support our members, partners, and the communities they serve. Learn about how FHLBank Chicago is committed to taking action and making impactful change. The report also includes a video featuring members that utilized the Targeted Impact Fund and their grant beneficiaries. 

Community Support Program System Now Available
Most FHLBank Chicago members are required to submit a Community Support Statement (CSS) to the Federal Housing Finance Agency (FHFA) every two years. The 2021 Community Support Program (CSP) opened on April 1, 2021. Members subject to Community Support review must submit a CSS by October 29, 2021 using the online CSP system. More information on Community Support review, including a list of members subject to review, can be found on our Community Support Statements webpage. Please contact us at 312-565-5824 or CommunitySupportProgram@fhlbc.com with any questions.

Increased Limits for Community Advances
To further support members’ community lending initiatives, including longer-term lending to affordable housing projects, we have increased the per-member limit for longer-term borrowing through our two, core Community Advance products. As of March 26, 2021, the member limit for the Community Housing Advance and Community Development Advance with maturities greater than 10 years has increased from $5 million to $10 million annually, with the overall program limit increased to $200 million. However, members have unlimited access to these funds for qualified advances made in connection with an AHP project.

2021 HUD Income Limits
The United States Department of Housing and Urban Development (HUD) has released income limits for 2021. Effective April 15, these limits are used to determine income eligibility for the competitive AHP, DPP, and Community Advances. Additional information and resources are forthcoming on our HUD Income Guidelines webpage.

Guide for Project Management Updated
The Guide for Project Management has been updated. Members and sponsors with AHP projects may review this guide for direction on semi-annual progress reporting, extensions, disbursements, and making updates in AHP Online.

Policy Corner: Targeted Community Lending Plan and Compiled AHP Policies Amended
The Board of Directors of FHLBank Chicago recently approved amendments to the 2021 Targeted Community Lending Plan (TCLP) and Compiled AHP Policies. The TCLP uses market research to assess affordable housing and economic development needs in Illinois and Wisconsin. The recent amendment adds performance goals. The Compiled AHP Policies include requirements related to eligible uses of funds, disbursement, monitoring, and more. The recent amendment will no longer require member institutions with AHP projects in Long-Term Monitoring to assess whether these projects are suitable for occupancy based on an exterior visual inspection.

Upcoming Events
April 7 | Realtor Association of Southwestern Illinois A Conversation on Home Buying Resources from Local Organizations
April 9 | FHLBank Chicago 2021 AHP for Experienced Users Webinar
April 13 | Illinois Housing Council FHLBank Chicago Affordable Housing Program Updates
May 3-4 | Illinois Association of Community Action Agencies (IACAA) 50th Anniversary Annual Conference

Contact Us

Please direct all media inquiries to:

Casey Reidy 
Senior Manager, Communications 
creidy@fhlbc.com
312.565.5291