Federal Home Loan Bank of Chicago Announces Community First® Award Winners in Illinois

CHICAGO, March 17, 2015 /PRNewswire/ -- The Federal Home Loan Bank of Chicago (Bank) is pleased to announce the Illinois recipients of its 2015 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. At its member meeting on March 16, in Oak Brook, Illinois, the Bank honored two award winners.

Project or Program Award
The Jewish Council on Urban Affairs (JCUA) is the recipient of the $10,000 project or program award. JCUA's subsidiary Community Ventures LLC (CVP) has served as a catalyst for housing and economic development in the Chicago area for nearly 25 years. CVP provides zero-interest predevelopment loans which are part of the financing mix that enables important yet challenging projects to get off the ground. CVP has helped to create or preserve more than 3,500 units. First Eagle Bank (www.febank.com) has been active on the CVP Advisory Committee and the JCUA board of directors. First Eagle Bank provided a no-interest loan to CVP, becoming the first corporate participant in the loan pool. With the credibility gained through that investment, other community banks are exploring participation.

Pioneer Award
Brian Hollenback, President of Rock Island Economic Growth Corporation, received the pioneer award in recognition of his work leading the organization's efforts to revitalize the city of Rock Island, Illinois. Mr. Hollenback's achievements are substantial, including: triple-digit increases in organizational net worth and income, a successful New Markets Tax Credit transaction, more than $46 million invested in housing, the creation and/or retention of over 2,000 jobs, and an overall economic impact of $233 million. Modern Woodmen Bank (www.mwabank.com), also located in Rock Island, is a proud supporter of Mr. Hollenback and the Rock Island Economic Growth Corporation. Rock Island Economic Growth Corporation accepted the $10,000 award on behalf of Mr. Hollenback.

"Yesterday, a Community First Award was presented to a small loan fund that provides critical capital necessary to advance affordable housing projects, while another award celebrated a true community development pioneer who tirelessly devotes his time, talents, and energy to make
Rock Island a better place for everyone. It was a pleasure to recognize our members and their community partners," said Suzi Thackston, Community Investment Officer, Federal Home Loan Bank of Chicago.

In two weeks, the Bank will announce the Wisconsin Community First Award winners at its member meeting in 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 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 $71.8 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 12 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

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