CHICAGO, March 23, 2017 /PRNewswire/ -- The Federal Home Loan Bank of Chicago (Bank) is pleased to announce the final recipient of its 2017 Community First Awards at its member meeting today in Green Bay, Wisconsin. 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.
The Sokaogon Chippewa Housing Authority has received a $10,000 project award for two large-scale developments undertaken in response to the housing crisis on the Mole Lake Indian Reservation in rural Wisconsin: Sokaogon Homes II, which involved the new construction of 20 single-family homes; and Sokaogon Supportive Residences, a former motel transformed into 24 units of housing. Bay Bank (www.baybankgb.com) has supported the projects by providing construction loans and sponsoring Affordable Housing Program awards to supply critical gap financing.
"The need for quality affordable housing in tribal communities is persistent," said Suzi Thackston, FHLBC Community Investment Officer. "As a Native-owned institution, Bay Bank is uniquely qualified to understand these challenges and opportunities. We are pleased to recognize Bay Bank and the Sokaogon Chippewa Housing Authority's work to increase housing options on the Mole Lake Indian Reservation."
Earlier this month, the Bank announced three additional Community First Award winners at its member meetings in O'Fallon and Oak Brook, Illinois, and Madison, 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 and closing cost assistance through its Downpayment Plus® Programs
- Favorably priced loans and credit products through its Community Investment Cash Advances
- Lower-interest-rate, longer-term financing for community development organizations through its Community First Fund
- Grants to grow and strengthen nonprofit lenders through its new Community First Capacity-Building Grant Program
- Direct relief funding to members' communities through the Community First Disaster Relief Program
About the Federal Home Loan Bank of Chicago
For more information on the FHLBC and its full range of Community Investment programs, please visit www.fhlbc.com or @FHLBC. "Community First" and "Downpayment Plus" are registered trademarks of the FHLBC.
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SOURCE Federal Home Loan Bank of Chicago