CHICAGO — The Federal Home Loan Bank of Chicago (FHLBank Chicago) has released its 2024 Impact Report, showcasing a year of major financial contributions toward affordable housing, economic development, and job support throughout Illinois and Wisconsin.
The report comes amid a climate of elevated interest rates and ongoing economic uncertainty. Yet, FHLBank Chicago emphasized its commitment to stability and service, delivering programs aimed at empowering member financial institutions and enhancing community welfare.
$107 Million in Grants and $1.9 Billion in Discounted Advances
According to the official report, FHLBank Chicago issued $107 million in housing and economic development grants, while also providing $1.9 billion in discounted Community Advances. These investments helped support the creation or preservation of more than 7,300 housing units and sustain over 7,800 jobs in the region.
FHLBank Chicago also welcomed eight new member institutions in 2024, expanding its network and potential impact across its service districts.
“We reached new heights in supporting our members and the communities they serve in 2024,” said Michael Ericson, President and CEO of FHLBank Chicago. “This report demonstrates that dedication through every form of support.”
Launch of Community Impact Advance Pilot Program
In a significant step toward accelerating regional development, the bank introduced the Community Impact Advance Pilot Program. Through this initiative, FHLBank Chicago provided:
-
$550+ million in discounted advances
-
Up to $50 million in interest rate subsidies
These resources are intended to stimulate job creation and economic growth, especially in under-resourced areas.
Affordable Housing and Local Business Support
The bank continued its focus on affordable housing through programs like:
-
Affordable Housing Program General Fund
-
Downpayment Plus® Programs
-
Community First® Grant Program
In 2024 alone:
-
1,300+ housing units were supported for individuals and families
-
4,400 homebuyers received down payment assistance
-
520+ small businesses received financial backing through partnerships with member banks
Internal Investment and Workforce Development
Beyond external funding, FHLBank Chicago also invested internally in operational excellence and workforce resilience. The institution emphasized its commitment to fostering a high-performing, engaged team capable of adapting to market challenges and maintaining service quality.
FHLBank Chicago’s cooperative structure, owned by Illinois and Wisconsin-based institutions such as credit unions, banks, insurance companies, and CDFIs, continues to serve as a cornerstone of its mission.
For the full report and related data, visit fhlbc.com/impact.
Have you or your community benefited from local housing or small business grants in Illinois? Share your experience or thoughts with us at ChicagoSuburbanFamily.com.
