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| Federal Home Loan Bank of Chicago | Community Investment Newsletter | April 2021 |
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| News |
| 2020 Annual Report: Strength Through Partnership |
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FHLBank Chicago recently published its 2020 Annual Report, which highlights how we support our members, partners, and the communities they serve. Learn about how FHLBank Chicago is committed to taking action and making impactful change. The report also includes a video featuring members that utilized the Targeted Impact Fund and their grant beneficiaries. |
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| Community Support Program System Now Available |
| Most FHLBank Chicago members are required to submit a Community Support Statement (CSS) to the Federal Housing Finance Agency (FHFA) every two years. The 2021 Community Support Program (CSP) opened on April 1, 2021. Members subject to Community Support review must submit a CSS by October 29, 2021 using the online CSP system. More information on Community Support review, including a list of members subject to review, can be found on our Community Support Statements webpage. Please contact us at 312-565-5824 or CommunitySupportProgram@fhlbc.com with any questions. |
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| Increased Limits for Community Advances |
| To further support members’ community lending initiatives, including longer-term lending to affordable housing projects, we have increased the per-member limit for longer-term borrowing through our two, core Community Advance products. As of March 26, 2021, the member limit for the Community Housing Advance and Community Development Advance with maturities greater than 10 years has increased from $5 million to $10 million annually, with the overall program limit increased to $200 million. However, members have unlimited access to these funds for qualified advances made in connection with an AHP project. |
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| 2021 HUD Income Limits |
The United States Department of Housing and Urban Development (HUD) has released income limits for 2021. Effective April 15, these limits are used to determine income eligibility for the competitive AHP, DPP, and Community Advances. Additional information and resources are forthcoming on our HUD Income Guidelines webpage.
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| Guide for Project Management Updated |
| The Guide for Project Management has been updated. Members and sponsors with AHP projects may review this guide for direction on semi-annual progress reporting, extensions, disbursements, and making updates in AHP Online. |
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| Policy Corner |
| Targeted Community Lending Plan and Compiled AHP Policies Amended |
| FHLBank Chicago Board of Directors recently approved amendments to the 2021 Targeted Community Lending Plan (TCLP) and Compiled AHP Policies. The TCLP uses market research to assess affordable housing and economic development needs in Illinois and Wisconsin. The recent amendment adds performance goals. The Compiled AHP Policies include requirements related to eligible uses of funds, disbursement, monitoring, and more. The recent amendment will no longer require member institutions with AHP projects in Long-Term Monitoring to assess whether these projects are suitable for occupancy based on an exterior visual inspection. |
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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 © 2021, 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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