To our members:
The Federal Housing Finance Agency (FHFA) has released its FHLBank System at 100: Focusing on the Future Report. We appreciate the FHFA’s efforts, and we thank our members and affordable housing partners for their robust participation.
FHLBank Chicago is reviewing the recommendations and will engage with the FHFA, Congress, our Board, our members, and employees in the weeks and months ahead to continue delivering on our mission. The report consists of many forward looking statements regarding congressional actions and potential rulemaking and studies that the FHFA plans to undertake. We are unable to determine at this time the impact that these recommendations will ultimately have on our financial condition and operations. The goal of this continued engagement with the FHFA and other stakeholders is to ensure that the FHLBank System remains well positioned to serve our members and their communities.
It is important to recognize that while the FHFA’s report includes multiple suggestions for rulemaking and legislative recommendations for Congress to consider, the report itself is merely the first step in what we anticipate will be a long and evolving process. We are proud of our excellent track record of fulfilling our mission in a safe and sound manner and the positive impact we have in support of our members’ affordable housing and community investment needs. With our trade association, the Council of Federal Home Loan Banks, we commit to engaging further with FHFA and other stakeholders as we evaluate these recommendations.
FHLBank Chicago continues to support mission-driven activities across Illinois and Wisconsin for our members' liquidity needs, affordable housing, equity, and community building. Last month, we announced our second round of Community First® Diverse Developer Initiative grant awardees as well as increased funding for our Community First Accelerate Grants for Small Business. This month, we expect to award more than $32 million in Affordable Housing Program General Fund (AHP) grants and have $42 million in down payment and closing cost assistance available this year through our Downpayment Plus® (DPP®) Programs.
If you have any questions, comments, or concerns about the FHLBank System at 100 Report, please email FHLB100@fhlbc.com. We will collect your feedback and work to provide answers in the coming weeks. As always, we are committed to meeting your evolving needs. Feel free to contact us and share your views.
President and CEO