FHLBank Chicago Releases 2024 Impact Report, Highlighting Growing Contributions to Housing and Community Development Across Illinois and Wisconsin

CHICAGO--(BUSINESS WIRE)--The Federal Home Loan Bank of Chicago (FHLBank Chicago) today released its 2024 Impact Report, highlighting a year of continued strength and service to member financial institutions and communities across Illinois and Wisconsin. As interest rates remained elevated and economic uncertainty persisted, FHLBank Chicago remained focused on delivering the funding and programs their members needed to navigate uncertainty and drive local impact. Through human interest stories, the report illustrates how FHLBank Chicago is Investing in Opportunities - providing liquidity and reliable funding, supporting housing and community development, and cultivating a high-performing and engaged workforce.

In 2024, FHLBank Chicago provided $107 million in housing and economic development grants and delivered $1.9 billion in discounted Community Advances—supporting the creation or preservation of more than 7,300 housing units and 7,800 jobs. FHLBank Chicago welcomed eight new member institutions to its cooperative, continuing to expand its reach and impact across the district.

“In a year where interest rates remained elevated and the state of the economy was top of mind, FHLBank Chicago remained constant in its unwavering support for our financial institution members, their customers, and communities,” said Michael Ericson, President and CEO of FHLBank Chicago. “We reached new heights in supporting our members and the communities they serve in 2024. This report demonstrates that dedication through every form of support.”

To further address housing supply and local development needs, FHLBank Chicago introduced the Community Impact Advance Pilot Program—providing more than $550 million in discounted advances and up to $50 million in interest rate subsidies to support job creation and economic growth.

FHLBank Chicago continued to advance access to affordable housing and community development through its Affordable Housing Program General Fund, Downpayment Plus^® Programs, and Community First^® grant programs. In 2024, over 1,300 housing units for individuals and families were supported through the Affordable Housing Program. Nearly 4,400 homebuyers received down payment assistance, and more than 520 small businesses were supported through grant funding delivered in partnership with member institutions.

FHLBank Chicago also maintained its long-term focus on operational excellence, investing in a collaborative and engaged workforce to drive innovation, responsiveness, and resilience across its operations.

To view the full report and explore the stories behind the numbers, visit fhlbc.com/impact.

About the Federal Home Loan Bank of Chicago

FHLBank Chicago is a regional bank in the Federal Home Loan Bank System. FHLBanks are government-sponsored enterprises created by Congress to ensure access to low-cost funding for their member financial institutions, with a focus on providing solutions that support the housing and community development needs of members’ customers. FHLBank Chicago is a self-capitalizing cooperative, owned by its Illinois and Wisconsin members, including commercial banks, credit unions, insurance companies, savings institutions and community development financial institutions. To learn more about FHLBank Chicago, please visit fhlbc.com.

“Downpayment Plus” and “Community First” are registered trademarks of the Federal Home Loan Bank of Chicago.