Report celebrates new and existing programs and financial strength through turbulent markets
The Federal Home Loan Bank of Chicago (FHLBank Chicago) has released its first-ever Impact Report, highlighting results throughout 2022 that showcase innovation, adaptability, and resilience in service of FHLBank Chicago’s statutory mission to provide liquidity to members and support housing and community development. The report comes at a key moment in the FHLBank System’s 90-year history, as FHLBank Chicago reflects on its role in Illinois and Wisconsin and considers how to evolve to better serve the needs of its employees, members and their communities.
“These successes were the result of our steadfast commitment to serving our members, supporting their communities, and empowering our employees,” said Michael Ericson, President and CEO, FHLBank Chicago. “This report marks the expansion of our journey to more transparently share our story and the positive impact we create, from the southern tip of Illinois to the most remote reaches of the Wisconsin Northwoods.”
The report includes key insights into FHLBank Chicago’s 2022 impact—such as $46 million in grants awarded and nearly $2 billion in discounted lending to support affordable housing and economic development, 89% of members utilizing products, and $16.7 million in diverse supplier spend. Through its Affordable Housing Program, 1,980 housing units were created or preserved and 3,097 homebuyers received down payment assistance.
The Impact Report highlights a number of important milestones, including the creation of three new community grant programs – Accelerate Grants for Small Businesses, Diverse Developer Initiative, and Housing Counseling Resource Program. It features stories on fostering a more inclusive culture for its business partners and employees, and the 25th anniversary of the Mortgage Partnership Finance® Program, which delivers on its housing finance mission across the country.
FHLBank Chicago showed strong financial strength through turbulent markets, meeting all member needs for funding and providing a source of stability that led to advance balances outstanding of $66.3 billion, mortgage loans outstanding at $18.3 billion, and letter of credit commitments at $10.7 billion at year-end 2022.
Please visit fhlbc.com/impact to read the report.
About the Federal Home Loan Bank of Chicago
The mission of the Federal Home Loan Bank of Chicago is to partner with our members in Illinois and Wisconsin to provide them competitively priced funding, a reasonable return on their investment in the Bank, and support for community investment activities. FHLBank Chicago is one of 11 Federal Home Loan Banks chartered by the U.S. Congress in 1932 to promote homeownership. Our members include banks, thrifts, credit unions, insurance companies, and community development financial institutions throughout our District. To learn more about FHLBank Chicago, please visit fhlbc.com. “Mortgage Partnership Finance” is a federally registered trademark of FHLBank Chicago.
View source version on businesswire.com: https://www.businesswire.com/news/home/20230620476898/en/
Contacts
Heather Bockstruck,
312.565.5282,
hbockstruck@fhlbc.com
