Community First February 2024 Newsletter

  • February 7, 2024

Unlocking Dreams of Homeownership with Busey Bank

In addition to providing up to $10,000 in funding for income-eligible homebuyers through our Downpayment Plus® (DPP®) program, we are dedicated to empowering and educating them to achieve long-term, sustainable homeownership. Watch this video to discover how our partnership with member Busey Bank played a crucial role in unlocking success for their client, Ms. Cherie Mitchell. The homebuyer education she received resulted in her paying off her home in less than ten years, highlighting the transformative impact of DPP.

 

Register for a 2024 AHP Learning Opportunity

It’s time to start planning for the 2024 Affordable Housing Program (AHP)! The 2024 AHP Implementation Plan is available on our website. Our popular AHP workshops will be held as live webinars this year. We will be offering two identical webinars on March 6 at 10 a.m. and March 14 at 9 a.m., covering project eligibility, financial feasibility, and scoring. Potential AHP project sponsors, FHLBank Chicago member institutions, real estate developers, and consultants are encouraged to attend. Visit the events page of our website to register.

Those with previous AHP experience can register for our Experienced Users Webinar, which is taking place on April 9 at 1 p.m. This webinar will focus on significant changes for this year’s program. For those unable to attend, we will also be producing a series of recorded webinar presentations covering the same content, which will be available on our website in early March.
   

    2024 DPP Programs Are Open

    The 2024 DPP and Downpayment Plus Advantage® (DPP Advantage®) programs opened January 16. Participating members may reserve up to $700,000 in each program on a first-come, first-served basis to help their income-eligible borrowers with down payment and closing costs of up to $10,000. DPP Advantage allows members to access downpayment assistance on behalf of income eligible homebuyers obtaining their first mortgages from nonprofit lenders. 

    Resources are available on our website, including the DPP Program Guide, and DPP informational videos. We encourage members to review these resources and share with colleagues involved in submitting DPP grant reservations. 

     

    Community Small Business Advance Available

    Through our Community Small Business Advance, FHLBank Chicago member financial institutions can provide significantly below-market rate loans to business owners in low- and moderate-income communities throughout Illinois and Wisconsin. This product combines competitive pricing with support for local economies and community revitalization efforts. Eligible small businesses qualify by either annual receipts or number of employees, based on U.S. Small Business Administration (SBA) regulations. To participate, members must complete the Community Small Business Advance application and demonstrate the eligibility of the small business as outlined in the application. Email cica@fhlbc.com with questions and requests for technical assistance.


    Upcoming Events

    February 28-29 | Illinois Institute for Rural | 35th Annual Rural Community & Economic Development Conference

    April 17-18 | Baker Tilly | DevelUP

    March 6 | 2024 FHLBank Chicago AHP Overview Webinar

    March 14 |  2024 FHLBank Chicago AHP Overview Webinar

    April 9 | 2024 AHP Webinar for Experienced Users

     

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    Contact Us

    Please direct all media inquiries to:

    Casey Reidy 
    Director, Communications 
    creidy@fhlbc.com
    312.565.5291

    Heather Bockstruck
    Assistant Director, Communications
    hbockstruck@fhlbc.com
    312.565.5282