Community Development Advances support our members’ efforts to promote economic development in their communities through small business, agricultural, commercial, and infrastructure lending.
The final day to submit and approve applications for the Community Development Advance is Nov. 14, 2025. The new Community Advance and it’s online application will be available on Nov. 17, 2025. Register for our webinar series to learn more.
Community Development Advance
- Commercial: Retail, office, wholesale
- Agricultural: Farm refinance or expansion, acquisition of equipment
- Public or private infrastructure: Roads, utilities, sewers
- Public/community centers: Healthcare, educational, or recreational facilities; daycare; social service centers
- Industrial/manufacturing: Warehouses, manufacturing facilities, research centers
To qualify, an FHLBank Chicago member institution must complete the Community Development Advance application and demonstrate the project’s eligibility by providing supporting documentation for one type of beneficiary only:
- Geographic beneficiary: The project is located in a census tract with median income at or below 100% of the area median income in urban areas or 115% of the area median income in rural areas. Projects located in Indian areas, brownfields, Empowerment Zones, Enterprise and Champion Communities, federally or state-declared disaster areas, areas affected by a military base closing, or areas designated under the Community Adjustment and Investment Program may automatically qualify.
- Activity beneficiary: The project qualifies as a small business, based on United States Small Business Administration guidelines. The business qualifies by either annual receipts or number of employees.
- Individual beneficiary: At least 51% of full-time employee salaries or income of households served by the project are at or below 100% of the area median income in urban areas or 115% of the area median income in rural areas, adjusted for a four-person household as published annually in the HUD Income Guidelines.
- Geographic beneficiary: The Economic Development Project Worksheet (included in the Community Development Advance application) and verification of tract median family income or location in other targeted area (through documentation from the appropriate designating agency)
- Activity beneficiary: The Economic Development Project Worksheet (included in the Community Development Advance application) and one of the following:
- Schedule from the most recent tax return to verify annual receipts
- Recent third-party payroll reporting or quarterly state income tax reporting to verify number of employees
- Individual beneficiary: The Economic Development Project Worksheet (included in the Community Development Advance application) and one of the following:
- Recent third-party payroll information to verify year-to-date salary information or quarterly state income tax reporting
Questions related to Community Development Advances can be directed to the Member Transaction Desk at 855.345.2244, option 1 or mtd@fhlbc.com.