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Competitive AHP Round Open
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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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Introducing the Community Small Business Advance
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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.
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DPP® Proving Popular Once Again
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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.
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Capacity-Building Grant Program Update
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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.
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June Is National Homeownership Month
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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.
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FHFA’s Notice of Proposed Rulemaking
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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.
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Upcoming Events
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| 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 |
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Dancing Oaks Cottages LLC
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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
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| FHLBank Chicago in Your Community |
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View photos from recent events attended by FHLBank Chicago staff.
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