| Federal Home Loan Bank of Chicago | Community Investment Newsletter | April 2016 | |
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| 2015 FHLBC Annual Report Now Available The FHLBC recently published its 2015 annual report. It was a great year for the Bank and its members; click here to read more about it. The report includes a short video featuring an Affordable Housing Program project – Southwick Place. |
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| News |
Downpayment Plus® Programs Now Open | The FHLBC’s 2016 Downpayment Plus (DPP®) and Downpayment Plus Advantage (DPP Advantage®) programs are now open with an allocation of $15.3 million. The DPP and DPP Advantage programs provide forgivable grants to assist income-eligible homebuyers with down payment and closing costs. Participating members may access $6,000 per qualifying household – up to an institutional maximum of $420,000 – on a first-come, first-served basis. Click here for more information. |
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Competitive Affordable Housing Program Opens April 18 | The FHLBC recently announced a $25.5 million allocation for the 2016 competitive Affordable Housing Program (AHP). Applications for the 2016 competitive AHP round may be initiated in AHP Online starting Monday, April 18; the application deadline is 5:00 p.m. CT on Friday, June 17. Additional information and resources may be found on the AHP Program Policy and Forms webpage. |
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Community First® Award Winners | | The FHLBC presented four Community First Awards at its 2016 member meetings. The awards celebrate outstanding achievements of member institutions and their local partners as they work together to strengthen their communities. Read about the winners. |
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| Community First® Fund Partner Spotlight |
| | The Community First Fund (CFF) 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. The CFF is the first of its kind in the Federal Home Loan Bank system and is unique to the FHLBC. To date, $39.75 million has been committed to seven partners. In this CFF Partner Spotlight, we introduce IFF. Read more... |
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| Policy Corner |
2016 Income Limits Now Available | The U.S. Department of Housing and Urban Development has released income limits for 2016. Effective April 18, 2016, these limits are used to determine income eligibility for the FHLBC’s competitive Affordable Housing Program and Downpayment Plus programs. New income limits are also available for the Community Investment Cash Advance product. |
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2016 AHP Implementation Plan Amended | The Affordable Housing Committee of the Bank’s Board of Directors approved an amendment to the 2016 Affordable Housing Program Implementation Plan. Click here for a summary of the changes. |
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Affordable Housing Program Policy Updates | The FHLBC’s Board of Directors has approved updated competitive Affordable Housing Program (AHP) policies in conjunction with the Community Investment Group’s annual policy review. The policies set forth certain requirements applicable to AHP projects. If you have an AHP project or are planning to submit an application in the upcoming competitive round, please familiarize yourself with the updated policies. The policies are effective April 18, 2016 and apply to all AHP projects. |
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| Calendar |
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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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