CHICAGO, Jan. 27, 2014 /PRNewswire/ -- Today the Federal Home Loan Bank of Chicago (FHLBC) is introducing the Community First™ Disaster Relief Program, which will initially assist several communities in Illinois that were struck by tornados and severe storms in November 2013. The FHLBC will provide financial assistance to people living and working in the affected area (FEMA disaster declaration DR-4157) through its member financial institutions. A list of members is available on www.fhlbc.com.
From February 3 through July 25, 2014, the FHLBC is offering financial support in three new ways:
- The FHLBC is donating $500,000 to create a new Community First™ Disaster Relief Grant Program. Eligible households or small businesses that sustained damage in the disaster areas may apply for $5,000 through one of our member financial institutions (banks, credit unions, community development financial institutions, and insurance companies) on a first-come, first-served basis. Visit www.fhlbc.com to see a list of members; contact them directly to see if you qualify for a $5,000 disaster relief grant.
- Through our popular Downpayment Plus® (DPP®) Program, homebuyers can purchase a permanent manufactured home to replace one damaged by the storms using a grant of up to $15,000 instead of the current $8,000. Again, please visit www.fhlbc.com to see a list of members and contact them directly about the DPP Program.
- The FHLBC will also make up to $100 million available to members in its established Community Investment Cash Advances (CICA) Program, at a reduced rate, to be used for economic development and affordable housing in the declared disaster areas.
"We have discussed these ideas with several of our members and are pleased that this is another way we can directly support them as they support their communities," said Matt Feldman, President of FHLBC. "Not only will this program provide direct financial assistance to those rebuilding in the 15 affected Illinois counties right now, it will serve as a framework for future FEMA-declared disasters should they occur."
About the Federal Home Loan Bank of Chicago
The Federal Home Loan Bank of Chicago is a $61.1 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.
"Downpayment Plus" and "DPP" are registered trademarks of the Federal Home Loan Bank of Chicago. "Community First" is a trademark of the Federal Home Loan Bank of Chicago.
SOURCE Federal Home Loan Bank of Chicago