 | | Federal Home Loan Bank of Chicago | Community Investment Newsletter | August 2015 | |
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 | CCLF Named Community First® Fund Partner
The FHLBC announced last month that Chicago Community Loan Fund (CCLF), a certified community development financial institution located in Chicago, Illinois, was named a partner of the Community First® Fund and is a recipient of a $5 million, 10-year loan. Click here to read the press release. |
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 | | News |
| 2015 Competitive AHP Applications: By the Numbers | | For 25 years, FHLBC member institutions have partnered with community developers and public agencies to apply for Affordable Housing Program (AHP) subsidies. These grants are awarded to the highest-scoring projects through a competitive process until the funds are exhausted. The 2015 competitive round closed on June 26 and awards will be announced in early December. Click here for some application-related statistics. |
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| DPP® Funds Still Available | | The FHLBC opened its Downpayment Plus® (DPP®) programs on March 17 with an initial allocation of $17.4 million. Since then, participating members have reserved approximately $12.8 million (74%) on behalf of more than 2,100 households. In 2015, each participating member may access up to $420,000 on a first-come, first-served basis until the allocation has been fully reserved. If your institution would like to participate in the DPP programs, please enroll with your state's administrator; their information may be found here. |
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| DPP® Participating Members: Act Now | Prior to the opening of the FHLBC's 2016 Downpayment Plus® (DPP®) program, all program functionalities (e.g., reservations, disbursements, etc.) will be migrated to a new online system. Members will only be able to access the system through the FHLBC's eBanking platform. If your institution would like assistance getting set up on eBanking, or if you have any questions, please contact FHLBC Member Support at
855-345-2244, option 0. Members are encouraged to register in eBanking as soon as possible to avoid any unnecessary delay in participating in the 2016 DPP® program. |
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| FHLBC Affordable Housing Program Celebrates 25 Years! |  | Last month marked the official 25th anniversary of the Affordable Housing Program (AHP). Congress created AHP in 1989, and the following year, on July 16, 1990, the FHLBC made our first AHP investments in local communities through our members and partners. Click here to learn more about the accomplishments of the Affordable Housing Program over the past 25 years. Follow @FHLBC and #AHP25 throughout the year as we celebrate 25 years of AHP. |
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 | | Policy Corner |
| FHFA Community Support Statements | Once every two years, each member of the Federal Home Loan Bank (FHLB) System is required to submit a Community Support Statement identifying its first-time homebuyer activity to the Federal Housing Finance Agency (FHFA) for review. The FHFA also requests comments or complaints from community and other organizations about the performance of the FHLB System members. For more information on the Community Support review and a list of FHLB Chicago members currently selected for review, visit the Bank’s website.
If you have comments on the performance of any identified lending institution in meeting the credit needs of its community, please send them to the FHFA by email at hmgcommunitysupportprogram@fhfa.gov. Comments are due to the FHFA by December 31, 2015.
If you have any questions, please contact the Community Investment Group at css@fhlbc.com or 312-565-5824. |
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 | | Calendar |
| FHLBC In Your Community | Breaking Ground - DDG PhilHaven, LLC
DDG PhilHaven, LLC recently broke ground on PhilHaven, 50 units of newly constructed affordable rental housing in Wheeling, Illinois. The project will offer much needed housing options for individuals with disabilities, along with "wrap-around" supportive services. The FHLBC awarded an $850,000 Affordable Housing Program grant to the project through Village Bank and Trust. PhilHaven was profiled in the FHLBC’s 2014 annual report.
Breaking Ground - Impact Seven
Impact Seven and its partners recently broke ground on the renovation of Franklin School Apartments . Franklin School, located in Barron, Wisconsin, was built in 1937 and was recently added to the National Register of Historic Places. The project involves the adaptive reuse of the school into 12 units of affordable rental housing and eight newly constructed townhomes. The FHLBC awarded an $360,000 Affordable Housing Program grant to the project through Johnson Bank. The FHLBC was represented by Diane Schobert, chair of its Community Investment Advisory Council.. |
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Federal Home Loan Bank
of Chicago |
200 East Randolph Drive
Chicago, IL 60601
www.fhlbc.com |
This newsletter contains forward-looking statements which are based upon our current expectations and speak only as of the date hereof. These statements may use forward-looking terms, such as "anticipates," "believes," "expects," "could," "plans," "estimates," "may," "should," "will" or their negatives or other variations on these terms. We caution that, by their nature, forward-looking statements involve risk or uncertainty, that actual results could differ materially from those expressed or implied in these forward-looking statements, and that actual events could affect the extent to which a particular objective, projection, estimate, or prediction is realized. These forward-looking statements involve risks and uncertainties including, but not limited to, the risk factors set forth in our periodic filings with the Securities and Exchange Commission, which are available on our website at www.fhlbc.com.
Copyright © 2015, Federal Home Loan Bank of Chicago. "Downpayment Plus," "DPP," "Downpayment Plus Advantage," and "DPP Advantage" are registered trademarks of the Federal Home Loan Bank of Chicago. "Community First" is a registered trademark of the Federal Home Loan Bank of Chicago. |
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