Community Impact Advance

 

• Identify eligible activities within your communities that can be supported through your participation in the program.
• Complete one or more applications to reserve up to $1 million in interest rate subsidy for eligible activities. Funding is allocated on a first come, first serve basis. Members may submit multiple subsidy reservations subject to per-member limits, availability of funds and other Program requirements.
• Report on the impact of eligible activities before executing the advance. Impact data must be reported before the advance will be issued.

Eligible activities should directly support new loans, grants, or investments in Illinois or Wisconsin and align with the Eligible Activity for one of the Impact Categories listed below, subject to the relevant AMI restrictions:

Eligible Activities Under the Community Impact Advance Pilot Program
Impact Category	Description of Eligible Activity	AMI Restriction
Affordable Housing	Create or support affordable owner-occupied housing or rental units.	Owner occupied: Borrower income* ≤ 150% AMI or property located in a census tract with ≤ 100% AMI. Rental: Property located in census tract with ≤ 100% AMI.
Community Partners	Activities that expand access to capital for community development financial institutions (CDFIs), community development entities (CDEs), 501(c)(3)-designated nonprofit entities, and public benefit corporations that assist underserved populations.	No AMI restriction.
Economic Development	Create and retain jobs in a small business, or provide critical infrastructure and community facilities in low- and moderate- income areas.	Activity must be located in a census tract with ≤ 115% AMI.

 

*Borrower income should be adjusted for a 4-person household based on median income limit. Refer to the Community Impact Advance Income Limits workbook for applicable income limits in the resources section of this page.

 

See the third page of our product sheet to see examples and use cases, as well as the corresponding area median income requirements. 

Advance Parameters*
Advance Product	A121 Fixed Rate, Fixed Term
Advance Rate Discount	Between 50 – 200 bps off (at the member’s choice) the prevailing advance rate when the advance is executed.
Interest Rate Subsidy Member Limit	$1 million interest rate subsidy limit per member.
Advance Term	1 year – 10 years
Advance Size	Minimum $10,000, subject to Program limits and any other requirements or limits applicable to advance products.
Number of Advances	Multiple advances permitted subject to per-member and Program limits.
Prepayment Fees	Applicable. No symmetrical prepayment feature.
Capital Required	4.5% or 2% (RCAP), at member’s option.

*Please refer to the full program requirements on eBanking to review advance terms.

Leverage the Community Impact Advance interest rate subsidy calculator to determine advance parameters. Submit a web-based application on eBanking with the selected interest rate subsidy, advance details, and Impact Category. Requested subsidy funds will be reserved for 90 calendar days from the date the request is made.

For additional information on other pilots or voluntary programs, visit our Pilot Transparency page.

Beginning July 16, 2024, the application, program requirements, and user guide for the Community Impact Advance will be available on eBanking. Please check back soon for more details.