The Federal Home Loan Bank of Chicago (FHLBank Chicago) has allocated $450,000 through its Community First Disaster Relief Program to support Illinois communities impacted by the severe storms that occurred on December 10, 2021. Beginning January 24, FHLBank Chicago member institutions can apply for grant funding on behalf of eligible homeowners and small businesses located in the qualifying disaster area.
Key Dates Information
- Program opens: Monday, January 24, 2022
- Program closes: Thursday, March 31, 2022
- Program allocation: $450,000
- Member limit: $110,000
Qualifying Disaster Area
Impacted Illinois counties (FEMA and State-Declared): Bond, Cass, Champaign, Coles, Edgar, Effingham, Fayette, Ford, Greene, Grundy, Iroquois, Jackson, Jersey, Kankakee, Lawrence, Livingston, Logan, Macon, Macoupin, Madison, Menard, Montgomery, Morgan, Moultrie, Pike, Sangamon, Shelby, Tazewell, and Woodford.
- Homeowners with their primary residence located in the qualifying disaster area, physical damages of at least $5,000, and annual household income at or below 100% of Area Median Income
- Small businesses with their place of primary operations located in the qualifying disaster area, physical damages of at least $5,000, and qualification as a small business based on Small Business Administration (SBA) size standards.
Application and Funding Process
- Members submit applications on behalf of their eligible beneficiaries
- Applications are processed on a first-come, first-served basis
- FHLBank Chicago credits members’ DID accounts for all approved applications each Friday
- Members disburse grant funds to their beneficiaries
For more information, contact Community Investment at firstname.lastname@example.org.