Federal Home Loan Bank of Chicago | Community Investment Newsletter | December 2018 $28.3 Million Awarded Through 2018 Competitive Affordable Housing Program The FHLBank Chicago announced that it has awarded $28.3 million in grants through its 2018 competitive Affordable Housing Program. Forty-seven awards were made to 21 member institutions and 34 sponsors to support the new construction, acquisition, and/or rehabilitation of 2,566 units of rental and owner-occupied housing. For more details, read the press release. News Downpayment Plus® Programs Update  The FHLBank Chicago’s 2018 Downpayment Plus (DPP®) and Downpayment Plus Advantage® (DPP Advantage®) programs opened on March 12 with an allocation of $14.2 million. Since then, FHLBank Chicago has made additional contributions of $6.5 million. So far this year participating members have reserved $18.7 million on behalf of 3,400 homebuyers. New reservations of 2018 DPP funds will not be accepted after December 31.   The 2019 DPP programs are scheduled to open on January 14 with an initial allocation; additional allocations will be made as they become available. Read our recent bulletin to learn about significant changes and to register for a webinar. Contact 312-565-5824 or dpp@fhlbc.com with any questions. Community First® Award Nominations Now Open The annual Community First Awards recognize FHLBank Chicago member institutions and local partners for their work in building and strengthening communities. Nominations are accepted in four categories – Partnership, Project or Program, Pioneer, and Emerging Leader – and awardees identify a nonprofit organization to receive up to $10,000 on their behalf. The deadline for nominations is January 18, 2019. For more information on award categories and to submit a nomination, please see this form. Read about the 2018 awardees.  2019 Affordable Housing Program Details Announced The FHLBank Chicago’s Board of Directors approved the 2019 Affordable Housing Program Implementation Plan (Plan). The Plan outlines requirements and guidelines applicable to the FHLBank Chicago’s Affordable Housing Program (AHP). AHP includes both the homeownership set-aside program (i.e., Downpayment Plus®) and the competitive program. Read more.  Community First® Disaster Relief Program Update On November 19, 2018, the FHLBank Chicago announced a $125,000 allocation to its Community First Disaster Relief Program to assist communities affected by the severe storms, tornadoes, straight-line winds, flooding, and landslides primarily in Central Wisconsin. The FHLBank Chicago is accepting applications for grant assistance from eligible households and businesses through January 31, 2019. Policy Corner New Repayment Process Effective February 1, 2019, the FHLBank Chicago will no longer accept physical checks for Downpayment Plus® and competitive Affordable Housing Program repayments; instead, repayments will be drafted from members’ Daily Investment Deposit (DID) account. Checks received by the FHLBank Chicago will be returned to the member. An updated repayment worksheet will be published on the FHLBank Chicago’s website prior to February 1. FHFA Releases Final AHP Regulation As announced in a May 2018 Community First® Bulletin, the Federal Housing Finance Agency (FHFA) released a Notice of Proposed Rulemaking to amend the Federal Home Loan Banks’ (FHLBanks’) Affordable Housing Program (AHP) regulation. After careful consideration of public commentary, the FHFA issued its final rule. Over its 28 year history, the FHLBanks’ Affordable Housing Program has become a vital source of gap funding in support of the nation’s affordable housing needs. Those needs are evolving so it’s important that AHP be allowed to evolve as well. This regulation provides a good measure of flexibility and local control to the FHLBanks to meet the demands for affordable housing, which vary greatly across the nation. We are pleased that the FHFA listened to our most pressing concerns during the public comment period and produced a rule that allows us to administer the program more efficiently. Please stay tuned for more information.    Advisory Advisory Council Members Recognized for Service The FHLBank Chicago has recognized five professionals for completing a term of service on its Community Investment Advisory Council: Cheryll Boswell, Todd Mandel, Nancy McKenzie, Jacques Sandberg, and Diane Schobert. The Advisory Council consists of practitioners actively involved in providing or promoting affordable housing and/or community lending in Illinois or Wisconsin. The FHLBank Chicago expects to announce appointments to the 2019 Advisory Council soon.   Reflections from the Advisory Council  For the Community Investment Advisory Council, 2018 represents both the culmination of many years’ work and the promise of good things to come. Diane Schobert, Chair, is wrapping up her ninth and final year on the Advisory Council (and her eighth as Chair), while Jackie L. Newman, Vice Chair, is looking forward to beginning her third year. This seems like a fitting moment to recognize the progress made and celebrate the partnerships that are bringing new growth and opportunities to our District. Read more. Calendar Upcoming Events December 6 Interfaith Housing Development Corporation's Annual Holiday Breakfast  Chicago, IL | Attending and Sponsoring   February 26-27 Illinois Housing Development Authority and Illinois Housing Council’s Illinois Governor’s Conference on Affordable Housing Chicago, IL | Attending, Exhibiting, and Sponsoring  March 21 Neighborhood Housing Services of Chicago's Annual Awards Dinner Chicago, IL | Attending and Sponsoring  April 11 LISC Milwaukee's Milwaukee Awards for Neighborhood Development Innovation  Milwaukee, WI | Attending, Judging, and Sponsoring May 9 LISC Chicago’s Chicago Neighborhood Development Awards  Chicago, IL | Attending, Judging, and Sponsoring     Project Spotlight: Truax Park Development, Phase 2 Location: Madison, Wisconsin AHP award: $288,000 Member: Wisconsin Bank & Trust Sponsor: City of Madison, WI Community Development Authority Photo credit: City of Madison, WI Community Development Authority  FHLBank Chicago in Your Community View photos from events attended by FHLBank Chicago staff. Previous Editions › October 2018 › August 2018 Subscribe Printer Friendly   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 © 2019, 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.