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$28.3 Million Awarded Through 2018 Competitive Affordable Housing Program
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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.
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Downpayment Plus® Programs Update
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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.
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Community First® Award Nominations Now Open
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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.
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2019 Affordable Housing Program Details Announced
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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.
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Community First® Disaster Relief Program Update
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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.
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New Repayment Process
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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.
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FHFA Releases Final AHP Regulation
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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.
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Advisory Council Members Recognized for Service
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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.
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Reflections from the Advisory Council
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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.
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Upcoming Events
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| 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 |
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Truax Park Development, Phase 2
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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
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| FHLBank Chicago in Your Community |
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View photos from events attended by FHLBank Chicago staff.
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