Reflections from My Past Two Years as Chair of the Community Investment Advisory Council
The time has come for me to reflect on my past two years as Chair of the Federal Home Loan Bank of Chicago’s (FHLBC’s) Community Investment Advisory Council. It is unbelievable how fast my term passed, and I have thoroughly enjoyed participating in the great work the Advisory Council does with the staff and Board of the FHLBC.

Over the last two years, the FHLBC has awarded approximately $24 million in Downpayment Plus® funding and $51 million in the competitive Affordable Housing Program, as well as seen an increase in the usage of Community Investment Cash Advances. These funds, which are delivered through member institutions and their community partners, are vital to many current and new homeowners, community stability, and long-term economic development. The FHLBC and its members are doing a great job!

It has been my pleasure to lead the Advisory Council, which is comprised of 14 very strong, experienced, and engaged leaders from Illinois and Wisconsin. These representatives bring valuable day-to-day experience in their communities and their input is so crucial to keeping all of the FHLBC’s investments vital and relevant to those communities.

In the course of my career, I have had the opportunity to apply for and receive FHLBC funds, monitor the use of these funds, and—during my tenure on the Advisory Council—provide insight and collaboration with the FHLBC’s staff and Board of Directors. A 2014 highlight was our council’s work with staff on reviewing and discerning the potential refreshing of the federal regulations for the now 25-year-old Affordable Housing Program. We took our research and responses very seriously and shared many meaningful conversations on these regulations.

Recently, all of the Community Investment Officers from each FHLBank and their Advisory Council Chairs and Vice Chairs met with the Federal Housing Finance Agency for this vital national dialogue. It is crucial that our shared goal is delivering on the mission of creating long-term, low- and moderate-income, owner-occupied, and affordable rental housing as efficiently as possible in today’s environment.

As a group, we were able to look back on the 25 years of tremendous success of the Affordable Housing Program, while also considering the current environment and how to adapt to continue to keep the program vital and relevant.

I believe that we must reflect on the historic impact of the Affordable Housing Program and then look ahead with great expectations that we can move forward with pride and with responsible partnerships that make our communities healthier and stronger each year.

I am extremely grateful to have shared these two years with all of you.

Thank you,

Diane Schobert