Federal Home Loan Bank of Chicago | Community Investment Newsletter | June 2018
Competitive AHP Round Open
The Federal Home Loan Bank of Chicago’s 2018 competitive Affordable Housing Program (AHP) opened on May 7 and closes on June 15.
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News
Introducing the Community Small Business Advance
Beginning in July, FHLBank Chicago members may access our new Community Small Business Advance product to fund eligible small business loans in their communities. To be eligible, a small business must be located in a low- or moderate-income census tract and qualify under the United States Small Business Administration regulations. Benefits to members include lower cost of funds, the potential for Community Reinvestment Act credit, and support for local economies and community revitalization efforts. Stay tuned for the launch.
DPP® Proving Popular Once Again
The FHLBank Chicago opened its Downpayment Plus® (DPP) programs on March 12 with an allocation of
$14.2 million. Since then, participating members have reserved approximately
$7.7 million (54%) on behalf of more than 1,300 households. In 2018, each participating member may access up to $420,000 on a first-come, first-served basis until the allocation has been reserved. Please contact us at 312-565-5824 or dpp@fhlbc.com with any questions.
Capacity-Building Grant Program Update
The FHLBank Chicago accepted Interest Forms for its 2018 Community First® Capacity-Building Grant Program between March 6 and May 4. Fifteen member institutions submitted Interest Forms on behalf of 18 nonprofit lending institutions. Following initial review, the FHLBank Chicago will request additional information from select applicants. Award recipients will be announced in August.
June Is National Homeownership Month
The FHLBank Chicago is proud to invest in programs that support homeownership. Last year, we assisted more than 3,300 homebuyers and homeowners through our Downpayment Plus programs and our competitive Affordable Housing Program. Additionally, the Mortgage Partnership Finance® (MPF®) Program purchased more than 53,000 mortgages from a record 909 members of nine Federal Home Loan Banks in support of homeownership across their districts.
Policy Corner
FHFA’s Notice of Proposed Rulemaking
On March 14, 2018, the Federal Housing Finance Agency (FHFA) released its Notice of Proposed Rulemaking to amend the Affordable Housing Program regulation. The proposed amendments may affect how FHLBank Chicago members and their community partners use the Bank’s competitive AHP and set-aside programs (i.e., Downpayment Plus and Downpayment Plus Advantage®). The Federal Home Loan Bank System recently submitted its comment letter. In addition to the letter, we encourage you to review our resources page. Public comments are due to the FHFA by Tuesday, June 12, and may be submitted through the FHFA.gov website.
Calendar
Upcoming Events
June 7 Illinois Housing Council’s Summer Mixer
Chicago, IL | Attending
June 11 National Community Reinvestment Coalition’s Reinvest Wisconsin Summit
Milwaukee, WI | Attending
June 14 National Association of Affordable Housing Lenders’ Annual Policy & Practice Conference
Washington, D.C. | Attending
June 14 National Housing Conference’s Annual Housing Visionary Award Gala
Washington, D.C. | Attending
June 15 National Housing Conference’s Annual Policy Symposium
Washington, D.C. | Attending
June 20 Community Investment Corporation’s 4th Annual Neighborhood Forum
Chicago, IL | Attending
June 26–27 Opportunity Finance Network’s Small Business Finance Forum
Chicago, IL | Attending
July 17–18 Wisconsin Collaborative for Affordable Housing’s A Home for Everyone Conference
Green Bay, WI | Attending and Sponsoring
July 19 Illinois Housing Council’s Networking Breakfast
Chicago, IL | Attending
August 21 Wisconsin Housing and Economic Development Authority’s Annual Conference
Madison, WI | Attending, Exhibiting, and Sponsoring
   
   
Project Spotlight:
Dancing Oaks Cottages LLC
Location: Menomonie, Wisconsin

AHP award: $141,191

Member: Bankers’ Bank

Sponsor: West Central Wisconsin Community Action Agency

Photo courtesy of West Central Wisconsin Community Action Agency
FHLBank Chicago in Your Community
View photos from recent events attended by FHLBank Chicago staff.
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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 © 2018, Federal Home Loan Bank of Chicago. "Community First," "Downpayment Plus," "DPP," "Downpayment Plus Advantage," and "DPP Advantage" are registered trademarks of the Federal Home Loan Bank of Chicago.