CHICAGO, Nov. 15, 2013 /PRNewswire/ -- The Federal Home Loan Bank of Chicago (Bank) is pleased to announce three winners of its 2013 Community First™ Awards. The awards recognize outstanding achievement in affordable housing and/or economic development through partnerships of the Bank's member institutions and their community development partners that have worked together to revitalize and strengthen the neighborhoods they serve. Each of this year's recipients will receive $10,000 in recognition of their community investment achievements.
At its member meeting in Madison, Wisconsin, the Bank honored three award recipients: Common Wealth Development, Urban Economic Development Association of Wisconsin, Inc., and Larry Adams of Walnut Way Conservation Corporation.
Acknowledged for its commitment to preserve the vitality of neighborhoods in Madison, Wisconsin, Common Wealth Development was selected as an award winner for the development of Jenifer Place, a once vacant property in pre-foreclosure. Common Wealth Development (www.cwd.org) recruited a crew of young adults to work on lead abatement and partnered with Monona State Bank (www.mononabank.com) to transform the building into 12 units of quality affordable rental housing, four of which are fully accessible. Monona State Bank provided the first mortgage for Jenifer Place and has been a longstanding supporter of Common Wealth Development's mission to build and sustain a vibrant housing climate in its communities.
Urban Economic Development Association of Wisconsin, Inc. accepted the award on behalf of Take Root Milwaukee. Created in 2009 as a response to a city-wide foreclosure crisis, Take Root Milwaukee promotes sustainable homeownership throughout the city. The Urban Economic Development Association of Wisconsin, Inc. (www.uedawi.org) serves as the administrative agent of Take Root Milwaukee and Guaranty Bank (www.guarantybank.com) was a founding financial institution member. To learn more about Take Root Milwaukee visit www.takerootmilwaukee.com.
Larry Adams of Walnut Way Conservation Corporation was also recognized as an award winner for his revitalization work in Milwaukee. A pioneer in his field, Larry has dedicated his time, talents, and energy for nearly 20 years to one of Milwaukee's most disinvested communities.
The Walnut Way Conservation Corporation (www.walnutway.org), established by Larry and his wife, Sharon, is committed to creating economically diverse neighborhoods, fueling environmental stewardship, engaging residents, and creating venues for prosperity. Seaway Bank and Trust (www.seawaybank.us) collaborates with Larry as his financial and community partner to transform neighborhoods through housing rehabilitation, urban agriculture, and the creation of employment opportunities.
"The commitment to community development through affordable housing and economic revitalization is exemplified by each of our award recipients," said Sam Nicita, the Community Investment Officer for the Federal Home Loan Bank of Chicago. "We are honored to support their important work that will continue to have a lasting impact in the communities they serve."
Last week, the Bank announced the first award recipient; the press release is available on www.fhlbc.com. The Bank also supports community investment and development efforts by offering favorably priced loans for eligible projects and grants through its competitive Affordable Housing Program.
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.
SOURCE Federal Home Loan Bank of Chicago