ORLAND PARK, Ill.--(BUSINESS WIRE)--Aug 29, 2024--
The Federal Home Loan Bank of Chicago (FHLBank Chicago) today convened a discussion around the barriers, challenges, and solutions to housing needs in Illinois and Chicagoland—bringing together key leaders in the space like U.S. Congressman Sean Casten (IL-06), IFF, and the Illinois Housing Development Authority (IHDA). Hosted at the Union Avenue Apartments in Orland Park, Ill., which provides affordable housing to people with developmental disabilities, the event also included a check presentation of $2 million to IDHA from FHLBank Chicago’s Community First ® Housing Counseling Resource Program (HCRP) to help support housing counseling for first-time homebuyers.
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A check presentation of $2 million to the Illinois Housing Development Authority (IHDA) from the Federal Home Loan Bank of Chicago’s (FHLBank Chicago) Community First® Housing Counseling Resource Program to help support housing counseling for first-time homebuyers. L-R: Andrea L. Zopp, Managing Partner, Cleveland Avenue and FHLBank Chicago Board Director; Cedric D. Thurman, Executive Vice President, Chief Diversity Officer, Group Head, Community Investment and Diversity, Equity, and Inclusion, FHLBank Chicago; Daniel G. Watts, Director and President, Forest Park National Bank and Trust and FHLBank Chicago Member Board Director; Kristin Faust, IHDA Executive Director; Michael Ericson, President and CEO, FHLBank Chicago; and U.S. Congressman Sean Casten (IL-06). (Photo: Business Wire)
The need for affordable housing in the Chicago area is evident, especially for underserved populations. Union Avenue Apartments is a successful example of how FHLBank Chicago and its partners are working together to address this critical need. The building was supported in part by FHLBank Chicago’s Affordable Housing Program (AHP) General Fund, which provides forgivable grants to members to support affordable housing projects and developments. The Union Avenue Apartments received an AHP grant of $192,180 through member and project sponsor, IFF, in 2021, and now provides 16 permanent one- and two-bedroom apartments to people with developmental disabilities who earn less than 50% of the area median income.
“As part of our commitment to be a housing leader, we want to understand how economic pressures and financial hurdles can limit local communities’ access to affordable housing,” said Michael Ericson, President and CEO, FHLBank Chicago. “That’s why we forge strong partnerships with local member financial institutions, developers, and community leaders to address these issues throughout Illinois and Wisconsin.”
Concentrating on the needs of its district, FHLBank Chicago also prioritizes its role as a portal of communication for government officials and local organizations on economic issues, including housing.
“I appreciate the opportunity to listen to leaders and my constituents about the difficulties this community endures in finding affordable housing. While there are many unique housing needs, everyone deserves a safe and affordable place to call home,” said Congressman Casten. “Financial institutions like FHLBank Chicago, community developers like IFF, and state housing agencies like IHDA understand our communities’ needs and play a major role in providing necessary resources and funding for these important projects. We should continue to have these conversations to help offer solutions to common barriers.”
Local FHLBank Chicago members and partners, like IFF and IHDA, utilize programs and resources like AHP to support housing supply, Downpayment Plus Program ® (DPP ® ) that supports housing affordability, and HCRP that helps buyers prepare for a home purchase. It is critical to involve these organizations in resident housing planning conversations as they are embedded in the community.
“At IFF, we support our communities by assisting with lending, development, and real estate solutions, and providing transformational outcomes to under-resourced communities,” said Jose Cerda, Chief of Staff at IFF. “Affordable housing development requires understanding of diverse communities, and homes like the Union Avenue Apartments address a need for people with disabilities. We are proud to be part of this project that encapsulates our commitment to accessible housing and showcases how strong partnerships help create the best outcomes.”
The event also celebrated increased HCRP funding, in partnership with IHDA, for housing counseling organizations that help guide customers through financial literacy and pre-purchase counseling. This important service empowers individuals with the knowledge and resources needed to achieve sustainable homeownership in the Illinois 6th District.
“This increased award is proof of FHLBank Chicago’s commitment to strengthening our communities and helping families across Illinois achieve the dream of homeownership,” IHDA Executive Director Kristin Faust said. “Housing counseling is a proven resource that ensures moderate-income individuals and families can achieve homeownership and long-term financial stability, and because of HCRP, more than 27,000 households received homeownership education or counseling. We are grateful for this partnership and investment as we continue to expand our reach to historically underserved communities across the state.”
For additional information about FHLBank Chicago’s AHP General Fund and the Community First Housing Counseling Resource Program, please visit fhlbc.com.
About the Federal Home Loan Bank of Chicago
FHLBank Chicago is a regional bank in the Federal Home Loan Bank System. FHLBanks are government-sponsored enterprises created by Congress to ensure access to low-cost funding for their member financial institutions, with a focus on providing solutions that support the housing and community development needs of members’ customers. FHLBank Chicago is a self-capitalizing cooperative, owned by its Illinois and Wisconsin members, including commercial banks, credit unions, insurance companies, savings institutions and community development financial institutions. To learn more about FHLBank Chicago, please visit fhlbc.com. “Downpayment Plus,” “DPP,” and “Community First” are registered trademarks of the FHLBank Chicago.
About IFF
Grounded in equity and deep sector expertise, IFF is a nonprofit CDFI that champions nonprofits to shape more equitable and vibrant communities through community-centered lending, development, and real estate consulting. Since 1988, IFF has been working at the intersection of facilities and finance and has provided $1.6 billion in flexible, affordable financing to nonprofits serving a variety of sectors in order to increase their financial stability and programmatic offerings. Headquartered in Chicago, IFF serves the Midwest from regional offices in Cleveland, Columbus, Detroit, Grand Rapids, Indianapolis, Kansas City, Milwaukee, and St. Louis. In 2023, IFF made more loans to more nonprofits than ever before, providing $233.9 million in capital. Learn more at https://iff.org/2023-annual-report/.
About the Illinois Housing Development Authority (IHDA)
IHDA is a self-supporting and mission-driven state agency dedicated to financing the creation and preservation of affordable housing in Illinois. IHDA offers affordable mortgages and down payment assistance for homebuyers, provides financing for the development of affordable rental housing, and manages a variety of assistance programs to create communities where all Illinoisans can live, work, and thrive. Since it was established in 1967, IHDA has delivered more than $27.8 billion in state, federal, and leveraged financing to make possible the purchase, development, or rehabilitation of more than 327,000 homes and apartments for low- and middle-income households. For more information on IHDA programs, visit www.ihda.org.
View source version on businesswire.com:https://www.businesswire.com/news/home/20240829146238/en/
CONTACT: Casey Reidy,
312.565.5291, creidy@fhlbc.com
KEYWORD: UNITED STATES NORTH AMERICA ILLINOIS
INDUSTRY KEYWORD: CONSTRUCTION & PROPERTY FINANCE URBAN PLANNING BANKING THOUGHT LEADERSHIP PUBLIC POLICY/GOVERNMENT PROFESSIONAL SERVICES STATE/LOCAL RESIDENTIAL BUILDING & REAL ESTATE
SOURCE: Federal Home Loan Bank of Chicago
PUB: 08/29/2024 05:04 PM/DISC: 08/29/2024 05:04 PM
http://www.businesswire.com/news/home/20240829146238/en
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