Affordable housing and economic development projects in Illinois and Wisconsin will receive a boost from the Federal Home Loan Bank of Chicago’s Community First™ Fund. On October 27, the bank announced IFF is the recipient of a $10 million, 10-year loan that’s part of a $50 million loan fund with lower-interest rate, longer-term financing. At a bank event later that day, IFF chief executive officer Joe Neri thanked the Federal Home Loan Bank of Chicago for its strong support of community development financial institutions.
“We are excited to receive $10 million in financing from an institution that’s a national leader in making CDFIs members of the home loan bank system,” Neri said. “The Community First Fund is a perfect example of how well the Federal Home Loan Bank of Chicago collaborates with CDFIs. Our commitment to building better communities in Illinois and Wisconsin has resulted in over $386 million in loans to date, and now we’ll be able invest even more capital in projects with a long-lasting impact.”