Amplifying Impact With the Community Impact Advance – Available This July

  • June 3, 2024

Through the first half of 2024, we had the opportunity to visit many of our member institutions at our member meetings, local events, and in their communities. We have heard about the impact they are already making to deliver affordable housing and economic development funding to their customers, as well as their concerns in this persistent high interest rate environment.

To better support our members in addressing these crucial and evolving needs, we're excited to launch the Community Impact Advance pilot program this July, our latest solution designed to amplify community impact. With an allocation of $50 million in interest rate subsidies, this program aims to empower our member and associate institutions to increase housing initiatives, drive economic growth, and foster community development. 

We know our members are actively serving their customers and communities.  So far this year, the 0% Community Small Business Advance, which provided $15M of interest rate subsidies has already supported small businesses and preserved jobs. This program has been extremely successful, and funding has now been fully reserved. 

Building on the success of programs like this and their continued community investment, we are expanding our scope to address a wider array of community needs. The Community Impact Advance pilot program offers flexible funding options, with advances available for tenors ranging from 1 to 10 years, at deep discounts of between 50 basis points (bps) and 200 bps below prevailing market rates. 

Through a grant, direct lending or investment activity, available funding under the Community Impact Advance pilot program may be used to:

  • Advance affordable housing initiatives through various means such as purchase, refinance, construction, or rehabilitation of housing units.
  • Stimulate job creation and retention in low- and moderate-income areas. 
  • Spearhead critical infrastructure projects like broadband expansion and community facilities such as schools, healthcare centers, and childcare facilities. 
  • Support community development financial institutions, nonprofits, and public benefit corporations serving underserved populations. 

By accessing funds at reduced interest rates, our member institutions gains the agility to bolster housing availability and job opportunities in their communities. Participating in this pilot program offers additional benefits such as potential Community Reinvestment Act credit, enhanced relations with underserved communities, and the opportunity to cultivate new customer relationships. 

We encourage our members to learn more about the terms and benefits of the Community Impact Advance by registering for one of our upcoming, live webinars. These webinars are for FHLBank Chicago members only:

Stay tuned for further details, including the program's official launch date, which will be shared in late June. If you are an FHLBank Chicago member and have any questions in the meantime, feel free to reach out to your Sales Director or contact our Member Transaction Desk at or 855.345.2244, option 1.


Contact Us

Please direct all media inquiries to:

Casey Reidy 
Director, Communications

Heather Bockstruck
Assistant Director, Communications