The Community First Fund is a $50 million revolving loan fund that provides direct support to community development financial institutions, community development loan funds, and state housing finance agencies serving Illinois and Wisconsin. It supplies lower-interest-rate, long-term financing to help recipients expand their capacity for affordable housing and economic development lending.
The Community First Fund provides organizations the resources they need to employ their expertise and allocate funds according to the demands they see at the local level. Among the unique features of the fund is its capacity to support economic development in addition to the Federal Home Loan Bank of Chicago's traditional emphasis on affordable housing.
Mission
The Community First Fund’s mission is to provide access to capital that supports meeting affordable housing and economic development needs in the communities that FHLBank Chicago members serve in Illinois and Wisconsin.
Partners
| Allies for Community Business | Forward Community Investments |
| Chicago Community Loan Fund | IFF |
| Cinnaire Lending Corporation | Impact Seven |
| Community Investment Corporation | |
| Community Reinvestment Fund | |
Benefits of a Revolving Loan Fund
The Community First Fund is a revolving loan fund. FHLBank Chicago expects to be able to continue lending as loans are repaid, extending the life of the fund. As the fund is replenished, opportunities may be created to continue to support existing partners and explore new partnerships that support the fund’s mission.
The Community First Fund is separate from FHLBank Chicago’s Community Advances lending program. In addition, it is funded separately from FHLBank Chicago’s traditional grant programs—the competitive Affordable Housing Program and Downpayment Plus® Programs—which will continue to be funded by FHLBank Chicago’s previous year’s net earnings.
Contact
Questions related to the Community First Fund can be directed to FHLBank Chicago Community Investment at 312-565-5824 or ci@fhlbc.com.