 | | Federal Home Loan Bank of Chicago | Community Investment Newsletter | February 2016 | |
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2016 Affordable Housing Programs Announced
The FHLBC’s Board of Directors recently approved the 2016 Affordable Housing Program Implementation Plan (Plan). The Plan sets forth certain requirements and guidelines applicable to the FHLBC’s Affordable Housing Program (AHP). AHP consists of a homeownership set-aside program (i.e. Downpayment Plus®) and a competitive program. Learn More |
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 | | News |
| 2016 Downpayment Plus® Programs Opening March 14 |  | The FHLBC’s Downpayment Plus® (DPP®) and Downpayment Plus Advantage® (DPP Advantage®) programs are opening March 14. FHLBC members may reserve up to $420,000 in 2016 on a first-come, first-served basis to help their income-eligible customers with down payment and closing costs. Click here for more information, to enroll in the program, and to register for a DPP webinar. |
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| 2016 AHP Application Trainings: Register Today |  | Join FHLBC staff at any one of five complimentary half-day sessions listed below to learn more about competitive AHP eligibility, project feasibility, and the scoring guidelines for 2016.
April 6: Bloomington, IL
April 12: Stevens Point, WI
April 13: Milwaukee, WI
April 19: Rosemont, IL
April 22: Rosemont, IL
Click here to register for an application training.
AHP Online, the FHLBC’s online project management system, will open for AHP application initiation on Monday, April 18. |
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| Leadership Changes at the FHLBC |  The Bank’s Chief Financial Officer, Roger Lundstrom, assumed responsibility for the Community Investment group on January 1, 2016. Sam Nicita, the former head of the Community Investment group, is now the Bank’s Chief Information Officer.
“Community Investment at the FHLBC has become a major force in supporting communities in Illinois and Wisconsin,” Roger said. “This group is doing many great things with our members and their partners. I’m looking forward to being a part of that and seeing how we can continue to improve.”
Roger has served in various roles during his 31-year tenure at the Bank. He is currently the CFO and the Executive Vice President & Group Head of the Member, Community, and Financial Services Group. He holds both a Bachelors and a Masters degree in Finance from the University of Illinois at Urbana-Champaign. |
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| CRF Named Community First® Fund Partner |  | The FHLBC announced last month that Community Reinvestment Fund, USA (CRF), a national, nonprofit community development financial institution located in Minneapolis, Minnesota, 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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| Thanks to the DPP Administrators! | For many years, the Illinois League of Financial Institutions (ILFI) and Wisconsin Partnership for Housing Development (WPHD) have served as the third-party administrators of the FHLBC’s Downpayment Plus (DPP) programs. As previously announced, the FHLBC is now assuming administration of the programs.
On behalf of the FHLBC members that have participated in the programs and the thousands of homebuyers served, we thank ILFI and WPHD for their service. |
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 | | Advisory |
| Reappointments to the Community Investment Advisory Council | The FHLBC’s Board of Directors recently reappointed five individuals to the Community Investment Advisory Council:
- Cheryll Boswell, Executive Director at METEC in Peoria, IL
- Todd Mandel, Community Development Director at Couleecap, Inc. in Westby, WI
- Nancy McKenzie, Executive Director at City of Rhinelander Housing Authority in Rhinelander, WI
- Jacques Sandberg, Vice President of Affordable Housing at Related Midwest in Chicago, IL
- Diane Schobert, Principal at Community Enrichment Consulting in Birchwood, WI
The Community Investment Advisory Council of the FHLBC consists of representatives from community and nonprofit organizations actively involved in providing or promoting affordable housing, community lending, and/or economic development in Illinois or Wisconsin. Nominations to the Advisory Council are solicited annually. |
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 | | Policy Corner |
| New Retention Agreement Requirements | | The FHLBC recently issued a Community Investment Advisory that outlined the retention agreement requirements for owner-occupied properties funded through the Bank’s Downpayment Plus® (DPP®) programs and competitive Affordable Housing Program. Click here to read the advisory. |
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 | | Calendar |
| Upcoming Events | February 18: Chicago Neighborhood Development Awards
Chicago, IL | Attending and Sponsoring
March 16: Milwaukee Awards for Neighborhood Development Innovation (MANDIs)
Milwaukee, WI | Attending and Sponsoring
March 16: NHS Chicago’s Annual Awards Dinner
Chicago, IL | Attending
March 17: Hispanic Housing Development Corporation’s 40th Anniversary Dinner
Chicago, IL | Attending and Sponsoring
March 29-30: Illinois Governor’s Conference on Affordable Housing
Chicago, IL | Attending, Exhibiting, and Sponsoring
May 10: Wisconsin Housing & Economic Development Authority’s Home Ownership Conference
Wisconsin Dells, WI | Attending and Sponsoring
June 8-10: CSH’s National Supportive Housing Summit
Chicago, IL | Attending
July 13-14: Wisconsin Collaborative for Affordable Housing’s A Home for Everyone Conference
Appleton, WI | Attending and Sponsoring |
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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 © 2016, 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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