CHICAGO, Aug. 10, 2020 /PRNewswire/ -- The Federal Home Loan Bank of Chicago (FHLBank Chicago or Bank) today announced the creation of a $14 million Targeted Impact Fund. This new grant program provides each member institution of FHLBank Chicago up to $20,000 in grant funds to support relief for populations hardest-hit by the COVID-19 pandemic and promote racial equity in communities across Illinois and Wisconsin.
"As the COVID-19 pandemic and its economic impact continue to ravage communities across our District, some populations have been disproportionately affected by this crisis, including Black, Latino, Native American, elderly, rural, and low- and moderate-income communities," said Matt Feldman, President and CEO, FHLBank Chicago. "We know additional investment in these communities through our members is essential if we are to continue helping those in need who have been particularly hard hit by this crisis."
Through the Targeted Impact Fund, FHLBank Chicago member institutions can access grants to directly and uniquely support those most impacted by the COVID-19 crisis, organizations that promote equity and opportunity for Black and Latino communities, entities that provide sustainability for affordable housing, as well as small businesses such as Minority Business Enterprises and Women's Business Enterprises.
"By partnering with our members to address the challenges of racial equity disparities and economic inequities that exist in our society today, together, we can be a part of a solution that creates meaningful change," added Cedric D. Thurman, Chief Diversity Officer and Group Head, Community Investment and Diversity and Inclusion, FHLBank Chicago. "We are proud to support our members that are committed to taking action and supporting the most vulnerable and underserved communities in their cities and towns."
For more information on the Targeted Impact Fund, please visit fhlbc.com. The Targeted Impact Fund is the second source of COVID-19 relief funding FHLBank Chicago has provided to its members; 98% of the Bank's membership utilized the COVID-19 Relief Program to provide critical relief funding to customers, small businesses, and nonprofit organizations throughout their communities.
About the Federal Home Loan Bank of Chicago
The mission of the Federal Home Loan Bank of Chicago is to partner with our member institutions 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 or follow @FHLBC on Twitter.
SOURCE Federal Home Loan Bank of Chicago