 | | Federal Home Loan Bank of Chicago | Community Investment Newsletter | August 2020 | |
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| FHLBank Chicago Launches the Targeted Impact Fund | On August 10, the Federal Home Loan Bank of Chicago (FHLBank Chicago) announced a $14 million Targeted Impact Fund, providing our members grants to support relief efforts for populations hardest-hit by COVID-19 as well as to promote equity and opportunity for communities of color. Applications will be accepted through September 30. Visit our COVID-19 Resource Center to access an FAQ, the fund application, and other resources to help get started.
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| 2020 Capacity-Building Grant Recipients | After receiving a record number of applications, FHLBank Chicago recently announced the 2020 recipients of its Community First Capacity-Building Grant Program. 21 nonprofit lenders, in partnership with our members, were awarded a combined total of over $900,000 to build the capacity of their organizations. Uses of funds include information technology upgrades, staff professional development, and more. To learn about this year’s award recipients, read our recent press release.
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| Community Development Advance for PPP Eligible Borrowers | On June 22, 2020, FHLBank Chicago announced that loans made by members to Paycheck Protection Program (PPP) eligible entities can qualify for our Community Development Advance. Under this program, members may access our discounted Community Advance rate to support qualifying community lending. Applications for this expanded program eligibility will be accepted through December 23, 2020.
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| Guide for Project Management Updated | FHLBank Chicago recently updated the Guide for Project Management (GFPM), a resource guide for sponsors and members with competitive Affordable Housing Program (AHP) projects. The GFPM includes guidance on semi-annual progress reporting, extensions, disbursements, and a new section on project completion reporting.
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| 2020 Competitive AHP Applications: By the Numbers | For 30 years, members of the FHLBank Chicago have partnered with community developers and public agencies to apply for AHP subsidies. These grants are awarded to the highest-scoring projects through a competitive process until the funds are exhausted. The 2020 competitive round opened on Monday, May 4, 2020, and closed on Friday, June 12, 2020, with award announcements expected in early November. Read the 2020 round highlights.
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| Amy's Crossing Apartments |
Location: Alton, Illinois
AHP Award: $72,000
Member: United Community Bank
Sponsor: Amy's Crossing
Photo courtesy of Centerstone
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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 © 2020, Federal Home Loan Bank of Chicago. "Community First," "Downpayment Plus," "DPP," "Downpayment Plus Advantage," "DPP Advantage," "Mortgage Partnership Finance," and "MPF" are registered trademarks of the Federal Home Loan Bank of Chicago.
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