| Reflections From the Advisory Council Leadership | |
| 2019 has been a year of transition for the Community Investment Advisory Council. Many seasoned members completed their term on the Council, and others arrived, bringing new energy and points of view. We (Jackie and David) began our first year as chair and vice chair, respectively, and the opportunity to lead this group of accomplished professionals has been both thrilling and humbling. The diversity and breadth of knowledge, experience, and expertise they bring to the council from their work in communities across our district enriches the insights we contribute to the FHLBank Chicago’s Community Investment programs. A Year of Fresh Perspectives In June, we were pleased to meet once again with the full FHLBank Chicago Board of Directors, and for the first time this meeting took place outside of Chicago, in Milwaukee. The change of venue presented an opportunity for the group to tour the Gerald L. Ignace Indian Health Center, a nonprofit community clinic (and 2018 Community First Award recipient) that provides access to comprehensive healthcare at low or no cost to vulnerable and underserved populations in the greater Milwaukee area. Representatives from Impact Seven, a community development financial institution member of the FHLBank Chicago (and Community First Fund partner) that financed the health center’s recent expansion, were on hand to provide an overview of the work they’re doing throughout Wisconsin. For both our Council and the Board of Directors, this was a chance to see firsthand how the Bank’s Community Investment programs, collaborations, and funding partnerships are meeting the needs of communities in our district. We recently returned from this year’s Federal Home Loan Bank Affordable Housing Advisory Council Leadership Meeting in Washington, DC, where we were able to meet with our counterparts and staff from FHLBanks across the country. It was exciting to hear how other FHLBanks and their partners are addressing affordable housing needs in their districts, and to learn from their approaches to shared challenges. For example, we were inspired and enlightened by FHLBank members’ presentations on the important intersections between housing and medical needs, and on efforts to achieve greater diversity and inclusion by reaching out to underrepresented students before they’ve settled on a career path. Looking Forward to AHP Modernization Since last November, when the Federal Housing Finance Agency released its final rule updating the FHLBanks’ Affordable Housing Program (AHP) regulation, FHLBank Chicago staff have been planning the implementation of required changes to the program. Because a major focus of the Community Investment Advisory Council is to provide guidance on how the AHP affects the organizations and communities it serves, we will be working closely with Bank staff throughout 2020 as they manage this transition. We’re eager to see how these long-awaited reforms will shape the AHP, making it more flexible and responsive to local needs within our district. In service, Jackie L. Newman, Chair David Porterfield, Vice Chair |
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| 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 © 2018, 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. |