CHICAGO, March 29, 2016 /PRNewswire/ -- The Federal Home Loan Bank of Chicago (Bank) is pleased to announce the final recipients of its 2016 Community First® Awards. The awards recognize outstanding achievements of the Bank's member institutions and their local partners as they work together to strengthen their communities through affordable housing and economic development initiatives. Award categories include partnership, project or program, pioneer, and emerging leader. Award winners identify a nonprofit organization to receive up to $10,000. Today, at its member meeting in Oak Brook, Illinois, the Bank honored two award winners.
Project or Program Award
The Children's Place Association is the recipient of a $10,000 project or program award. Celebrating its 25th anniversary this year, Children's Place Association strives to transform the future for children confronting illness and extreme poverty. It recently opened West Humboldt Place in the West Humboldt neighborhood of Chicago, a project offering 13 units of affordable and supportive rental housing for families facing serious health issues and housing insecurity. MB Financial Bank (www.mbfinancial.com) supported the Children's Place Association by providing a letter of credit and also extending a line of credit. Additionally, MB sponsored the Affordable Housing Program application for the project, which provided the critical gap financing.
Project or Program Award
Heartland Housing, Inc. is the recipient of a $10,000 project or program award. Filling a great need within the city of Milwaukee, Heartland Housing, Inc. recently opened Maskani Place. Meaning "home" in Swahili, Maskani Place provides 37 units of affordable and supportive rental housing for families who were previously homeless or are at risk of becoming homeless. Maskani Place may fill a life-long need for some residents, while for others it will be an indispensable stepping stone to a more self-sufficient lifestyle. BMO Harris Bank (www.bmoharris.com) supported the project by providing a construction loan. BMO Harris also accessed the critical gap financing needed to complete the project by sponsoring the Affordable Housing Program application.
"Today, the Federal Home Loan Bank of Chicago presented two Community First Awards to organizations committed to providing affordable housing for the most vulnerable members of our communities. Not only is the housing high-quality, but it also offers the necessary supportive services to ensure the success of the residents. It was a pleasure to recognize our members and their community partners," said Suzi Thackston, Community Investment Officer, Federal Home Loan Bank of Chicago.
Earlier this month, the Bank announced two additional Community First Award winners at its member meetings in Bloomington, Illinois and Green Bay, Wisconsin. The Bank also supports the community investment activities of its members by offering forgivable grants for eligible projects through its competitive Affordable Housing Program; down payment closing cost assistance through its Downpayment Plus® Program; favorably priced loans and credit products through its Community Investment Cash Advances; and lower-interest-rate, longer-term financing for community development organizations through its Community First Fund.
About the Federal Home Loan Bank of Chicago
The Federal Home Loan Bank of Chicago is a $70.7 billion wholesale bank serving the needs of member housing finance institutions located in Illinois and Wisconsin. Our mission is to partner with our member shareholders to provide them competitively priced funding, a reasonable return on their investment, and support for community investment activities.
The U.S. Congress created the Federal Home Loan Bank System, which includes 11 Federal Home Loan Banks, in 1932 to promote housing finance, but each Bank is wholly owned by its member institutions. For more information about the Federal Home Loan Bank of Chicago, please visit www.fhlbc.com or @FHLBC on Twitter. "Community First" and "Downpayment Plus" are registered trademarks of the Federal Home Loan Bank of Chicago.
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SOURCE Federal Home Loan Bank of Chicago