Expanding Housing Access and Strengthening Communities: FHLBank Chicago Launches Impact Report
The Federal Home Loan Bank of Chicago (FHLBank Chicago) released its 2023 Impact Report: Investing in Opportunities today, providing a comprehensive look at the Bank's support for its financial institution members and their communities across Illinois and Wisconsin throughout last year.
"Our achievements reflect our steadfast commitment to our members and their communities," said Michael Ericson, President and CEO of FHLBank Chicago. "Our core mission of providing member liquidity and promoting affordable housing access and community development is evident. We look forward to investing in opportunities to grow and enhance our housing and community development impact for many years to come."
The report spotlights the Bank's multipronged approach to providing liquidity and reliable funding, investing in communities and fostering an inclusive culture. A few 2023 highlights include:
- $2.4 billion in discounted lending: The Bank's discounted community advances supported housing for more than 15,000 households and the creation or retention of nearly 5,000 jobs.
- $74+ million in community investment: Through several grant programs, the Bank's community investment efforts helped expand affordable housing to over 1,900 families, provide down payment assistance to nearly 3,600 homebuyers, support over 170 small businesses, fund 30+ diverse fellowships and internships and support 30 housing counseling agencies with expanded resources.
- 10 new member institutions: Expanding the membership base will allow the Bank to offer services and make an impact across even more communities within the district.
- $12 million to diverse suppliers: As a critical part of its guiding DEI principles to build stronger communities, the Bank seeks to support businesses owned by minorities, women, veterans, people with disabilities and members of the LGBTQ+ community through its strategic sourcing efforts.
- Encouraging commitment to DEI: Employees demonstrated an ongoing commitment to DEI, with 91% acting on their DEI learnings.
FHLBank Chicago showed strong financial strength through market volatility, meeting all member needs for funding and providing a source of stability that led to advance balances outstanding of $65.3 billion, mortgage loans outstanding at $19.1 billion, and letter of credit commitments at $12.6 billion at year-end 2023.
FHLBank Chicago continues to expand upon this impact into 2024, already making strides with increased grant funding, new program launches and more. And, following the November 2023 FHLBank System at 100: Focusing on the Future Report, FHLBank Chicago will continue to work with the Federal Housing Finance Agency, Congress, its Board of Directors, members, and key stakeholders in the year ahead to continue delivering on its mission for the next 100 years.
Please visit fhlbc.com/impact to read the full report.
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.
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