Products & Programs
Explore our innovative products and programs designed to help our member financial institutions thrive and build stronger communities.What We Offer
Lending Products
We provide our members with a suite of competitively priced lending products designed to meet their funding and liquidity needs. These solutions empower members to support local businesses, create jobs, expand homeownership, and strengthen their local economies.
Housing and Community Grants
Championing access to affordable housing and economic development is at the core of FHLBank Chicago’s housing leadership strategy. We offer a variety of grants dedicated to expanding access to quality affordable housing and economic opportunities throughout Illinois and Wisconsin.
Lending Products
Learn more about how our lending products support our members' funding and liquidity needs.
Advances
The primary way we provide funding to our members is through secured loans, known as advances. Our members use advances, such as fixed-rate or variable-rate advances and other specialty advance products, to support their funding needs while optimizing liquidity to fund lending in their communities.
- Fixed Rate Advances – Secure, stable, and reliable funding with locked-in interest rates.
- Floating Rate Advances – Floating rate loans that help manage interest-rate risk.
- Hybrid Rate Advances – Flexible, customizable funding for asset liability management or hedging needs.
Community Advance
Responding to member feedback, FHLBank Chicago has combined multiple products into one, our new Community Advance, for flexible ease of use, improved application approval experience, and enhanced community building benefits.
The Community Advance offers an improved process for application and approval as well as product improvements to eligibility, pricing, and requirements. Benefits include:
- Online application and approval process will minimize time to apply, confirm eligibility, and receive approval within minutes.
- Streamlined documentation, including upfront certifications.
- Expanded eligibility including new financing vehicles – mortgage-backed securities, mortgage revenue bonds, and low-income housing tax credits; loan originations to or purchase of loans from non-depository CDFIs and nonprofit mortgage originators; all eligible small businesses qualify – no AMI limit.
- Improved pricing through tiered discounts of up to 200bps based on financing type or underlying activity supported such as housing construction and rehabilitation loans, and funding for non-depository CDFI and nonprofit mortgage originators.
- No match funding requirements
- Both floating and fixed rate advances available
Mortgage Partnership Finance Program
Our Mortgage Partnership Finance (MPF) Program provides community lenders with a competitive secondary mortgage market investor to sell their fixed-rate residential mortgage loans. The MPF Program incentivizes sustainable homeownership by paying members to share in the risk of default while relieving them of the interest rate risk on those loans.
Learn MoreLetters of Credit
FHLBank Chicago’s letters of credit enable our members to leverage our excellent credit rating at a competitive price to support liquidity, asset liability management, and to facilitate residential housing finance and community lending activities. Letters of credit are issued to guarantee payment or performance on behalf of our members to third parties.
Learn MoreCommunity First Fund
The Community First Fund is a revolving loan fund that provides unsecured lending to community organizations, including non-depository community development financial institutions (CDFIs), to support their affordable housing and community development lending in Illinois and Wisconsin.
Learn MoreAdvances
The primary way we provide funding to our members is through secured loans, known as advances. Our members use advances, such as fixed-rate or variable-rate advances and other specialty advance products, to support their funding needs while optimizing liquidity to fund lending in their communities.
- Fixed Rate Advances – Secure, stable, and reliable funding with locked-in interest rates.
- Floating Rate Advances – Floating rate loans that help manage interest-rate risk.
- Hybrid Rate Advances – Flexible, customizable funding for asset liability management or hedging needs.
Community Advance
Responding to member feedback, FHLBank Chicago has combined multiple products into one, our new Community Advance, for flexible ease of use, improved application approval experience, and enhanced community building benefits.
The Community Advance offers an improved process for application and approval as well as product improvements to eligibility, pricing, and requirements. Benefits include:
- Online application and approval process will minimize time to apply, confirm eligibility, and receive approval within minutes.
- Streamlined documentation, including upfront certifications.
- Expanded eligibility including new financing vehicles – mortgage-backed securities, mortgage revenue bonds, and low-income housing tax credits; loan originations to or purchase of loans from non-depository CDFIs and nonprofit mortgage originators; all eligible small businesses qualify – no AMI limit.
- Improved pricing through tiered discounts of up to 200bps based on financing type or underlying activity supported such as housing construction and rehabilitation loans, and funding for non-depository CDFI and nonprofit mortgage originators.
- No match funding requirements
- Both floating and fixed rate advances available
Mortgage Partnership Finance Program
Our Mortgage Partnership Finance (MPF) Program provides community lenders with a competitive secondary mortgage market investor to sell their fixed-rate residential mortgage loans. The MPF Program incentivizes sustainable homeownership by paying members to share in the risk of default while relieving them of the interest rate risk on those loans.
Learn MoreLetters of Credit
FHLBank Chicago’s letters of credit enable our members to leverage our excellent credit rating at a competitive price to support liquidity, asset liability management, and to facilitate residential housing finance and community lending activities. Letters of credit are issued to guarantee payment or performance on behalf of our members to third parties.
Learn MoreCommunity First Fund
The Community First Fund is a revolving loan fund that provides unsecured lending to community organizations, including non-depository community development financial institutions (CDFIs), to support their affordable housing and community development lending in Illinois and Wisconsin.
Learn MoreProgram Highlights
Affordable Housing Program (AHP)
Through our Affordable Housing Program (AHP) General Fund, we support the acquisition, new construction and/or rehabilitation of rental or owner-occupied housing for low- and moderate-income households. Our members partner with for-profit and nonprofit developers, community organizations, units of government, public housing authorities, and tribal governments to apply for our annual grant program.Learn More
Downpayment Plus® Programs
Our Downpayment Plus and Downpayment Plus Advantage programs provide our members with easy-to-access downpayment and closing cost assistance for low- and moderate-income homebuyers, reducing hurdles to homeownership and providing opportunities to build home equity. Our members provide first mortgage financing to access DPP grants.
Developer Program
Our Developer Program provides nonprofit and for-profit organizations with grant funds to support career development for emerging developers of affordable housing. Through our member institutions, we offer grants to help qualifying organizations provide valuable professional opportunities to new talent and further their affordable housing mission.Learn More
Housing Counseling Resource Program
Our Housing Counseling Resource Program provides grants to housing counseling agencies in Illinois and Wisconsin to facilitate expanded service to low- and moderate-income and underrepresented homebuyers and existing homeowners. Two FHLBank Chicago housing associates, Illinois Housing Development Authority (IHDA) and Wisconsin Housing and Economic Development Authority (WHEDA), administer the Housing Counseling Resource Program on behalf of FHLBank Chicago.Learn More
Affordable Housing Program (AHP)
Through our Affordable Housing Program (AHP) General Fund, we support the acquisition, new construction and/or rehabilitation of rental or owner-occupied housing for low- and moderate-income households. Our members partner with for-profit and nonprofit developers, community organizations, units of government, public housing authorities, and tribal governments to apply for our annual grant program.Learn More
Downpayment Plus® Programs
Our Downpayment Plus and Downpayment Plus Advantage programs provide our members with easy-to-access downpayment and closing cost assistance for low- and moderate-income homebuyers, reducing hurdles to homeownership and providing opportunities to build home equity. Our members provide first mortgage financing to access DPP grants.
Developer Program
Our Developer Program provides nonprofit and for-profit organizations with grant funds to support career development for emerging developers of affordable housing. Through our member institutions, we offer grants to help qualifying organizations provide valuable professional opportunities to new talent and further their affordable housing mission.Learn More
Housing Counseling Resource Program
Our Housing Counseling Resource Program provides grants to housing counseling agencies in Illinois and Wisconsin to facilitate expanded service to low- and moderate-income and underrepresented homebuyers and existing homeowners. Two FHLBank Chicago housing associates, Illinois Housing Development Authority (IHDA) and Wisconsin Housing and Economic Development Authority (WHEDA), administer the Housing Counseling Resource Program on behalf of FHLBank Chicago.Learn More
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Discover how we're making a difference in communities.
FAQs
Find answers to your most pressing questions about products and programs here.