FHLBank System at 100: Focusing on the Future Initiative
To our members:
Earlier this week, the Federal Housing Finance Agency (FHFA) announced its FHLBank System at 100: Focusing on the Future initiative. This effort will include two public listening sessions and a series of regional round tables in the months ahead to review the mission, membership eligibility requirements, and operational efficiencies of the FHLBanks. We welcome this opportunity to work with the FHFA, to hear from constituents, and to continue to review our offerings as we move through our 90th anniversary, steadfast in our commitment to supporting your institutions with liquidity in all economic cycles.
The first listening session begins on September 29, 2022 from 12:30 p.m. – 4 p.m. EST at the Constitution Center in Washington D.C., with the option to participate virtually. While the FHLBanks will emphasize the importance of our cooperative structure, conservative risk management profile, and mission to support affordable housing and community development, we know our members and community partners are vital to these conversations. As leaders and pillars in your communities, you understand the critical role the FHLBank System has in supporting your businesses and strengthening your communities.
We encourage you to participate in these listening sessions to share experiences of how we partner together, embrace your evolving business needs, and continue to make a lasting, positive impact throughout our District. If you are interested in attending or speaking, you can register online or provide written comments through October 21, 2022 to the FHFA on their website or mailed to:
Federal Housing Finance Agency
400 7th Street, SW
Washington, D.C. 20024
FHLBank Chicago’s mission continues to deliver funding and support to our members in the communities you serve. Your institutions, your customers, as well as our trade association and economic development partners have countless stories that bring to life our support for affordable housing, homeownership, and economic development as well as the collective impact we have made throughout the years.
We continue to innovate and create new programs to address needs within your communities across Illinois and Wisconsin. This year alone, we have committed nearly $50 million to affordable housing and equitable access opportunities across our District through product offerings and community investment programs:
- We plan to disperse more than $11 million over three years to new program offerings designed to address critical affordable housing and economic development needs in our District – the Community First® Diverse Developer Initiative, the Community First® Housing Counseling Resource Program and Community First® Accelerate Grants for Small Business. These community investment programs reflect an ongoing commitment to diversity, equity, and inclusion and will deliver lasting impact for members, individual beneficiaries, and communities.
- Next month, we expect to award more than $20 million in Affordable Housing Program (AHP) General Fund grants and have $18 million in down payment and closing cost assistance available this year through our Downpayment Plus® (DPP®) Programs.
- In addition to the grants, we are doubling the overall program limit on our Community Small Business Advances with an initial rate of 0% to support local economies and community revitalization across our District. And earlier this year, our deeply-discounted COVID-19 Recovery Advance supported our members’ recovery from the pandemic.
We look forward to tailoring our products, solutions, and services around the evolving needs of your institutions and communities for another 90 years to come.
President and CEO