Community First® Fund
The Community First Fund is a revolving loan fund that provides direct support to community development financial institutions, community development loan funds, and state housing finance agencies serving Illinois and Wisconsin. It supplies lower-interest-rate, long-term financing to help recipients expand their capacity for affordable housing and economic development lending.
Funding Local Growth
The Community First Fund provides organizations the resources they need to employ their expertise and allocate funds according to the demands they see at the local level. Among the unique features of the fund is its capacity to support economic development in addition to the Federal Home Loan Bank of Chicago's traditional emphasis on affordable housing.
Mission
The Community First Fund’s mission is to provide access to capital that supports meeting affordable housing and economic development needs in the communities that FHLBank Chicago members serve in Illinois and Wisconsin.
Benefits of a Revolving Loan Fund
The Community First Fund is a revolving loan fund. FHLBank Chicago expects to be able to continue lending as loans are repaid, extending the life of the fund. As the fund is replenished, opportunities may be created to continue to support existing partners and explore new partnerships that support the fund’s mission.
The Community First Fund is separate from FHLBank Chicago’s Community Advances lending program. In addition, it is funded separately from FHLBank Chicago’s traditional grant programs—the competitive Affordable Housing Program and Downpayment Plus® Programs—which will continue to be funded by FHLBank Chicago’s previous year’s net earnings.
Bringing Play and Learning to Life in Downtown Janesville
Impact Seven, a Wisconsin-based CDFI, is partnering with FHLBank Chicago to bring the Children’s Museum of Rock County to life—a community-driven project addressing the need for dedicated spaces where children can play and learn.
In 2025, Impact Seven secured an $8 million loan through FHLBank Chicago’s Community First Fund (CFF). Loans through the CFF support Impact Seven’s ability to fund various community development projects. In 2025, they provided a $2 million loan to support development of this $12 million children’s museum facility in Janesville, Wis. The project repurposes a vacant former community bank building, demonstrating the power of placemaking to revitalize downtown spaces while meeting local needs.
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Community First Fund Resources
Community First Fund Product Sheet
The Community First Fund is a revolving loan fund that provides direct support to community development financial institutions, community development loan funds, and state housing finance agencies serving Illinois and Wisconsin.