CHICAGO, March 6, 2018 /PRNewswire/ -- The Federal Home Loan Bank of Chicago (FHLBank Chicago) is now accepting applications for its 2018 Community First Capacity-Building Grants. The program was launched in 2017 to support the growth of nonprofit lending institutions promoting economic development and affordable housing in Illinois and Wisconsin. Through its member financial institutions, the FHLBank Chicago provides grants of $10,000 to $50,000 to help qualifying nonprofit community development loan funds, community development financial institutions, and community development corporations build their financial, operational, and human capital.
"Part of the Bank's mission is to leverage its financial strength to support our members' community investment activities," said Suzi Thackston, FHLBank Chicago Community Investment Officer. "The Community First Capacity-Building Grant Program is an opportunity to support our members' partner organizations that are working across multiple sectors to develop comprehensive solutions to affordable housing and community development needs in our district. Strengthening nonprofit lenders' capacity benefits the communities they and our members serve."
Eligible uses of Community First Capacity-Building Grants include:
- Market research to expand existing programs
- Professional development of staff and/or board(s)
- Creation or expansion of a strategic plan for the organization
- Improvement of lending policies and procedures
- Enhancement of information systems
- Improvement of lending portfolio and financial reporting
- Development of mission-related outcomes reporting
Applications for this year's program are being accepted March 6 through May 4. To apply, nonprofit lenders should contact an FHLBank Chicago member financial institution. The application, 2018 program guidelines, and a list of members are available on fhlbc.com.
Only nonprofit lenders with a footprint in the Bank's district of Illinois and Wisconsin will be considered. Past recipients may not apply for two consecutive years after their initial award date. Applications are evaluated based on each organization's mission, strength, strategy to increase community development lending within Illinois and Wisconsin, and proposed uses for the grant funds. After initial review, the FHLBank Chicago may request additional information from eligible applicants; award recipients will be announced in August.
About the Federal Home Loan Bank of Chicago
To learn more about the FHLBank Chicago and its full range of Community Investment programs, please visit fhlbc.com or @FHLBC. "Community First" is a registered trademark of the Federal Home Loan Bank of Chicago.
SOURCE Federal Home Loan Bank of Chicago