Bank / Credit Union

Federal Home Loan Bank of Chicago increases funding to housing counseling program

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September 4, 2024

The Federal Home Loan Bank of Chicago increased its funding by $1.5 million to the Community First Housing Counseling Resource Program. This program has given a total of $3.5 million in 2024 to the Illinois Housing Development Authority and the Wisconsin Housing and Economic Development Authority to offer financial literacy and counseling to future homeowners, according to a press release.

The bank first launched HCRP in 2022 for grants to HUD-certified housing counseling agencies. In 2023, this program provided education to more than 27,000 households.

"Together, FHLBank Chicago members and IHDA are bringing additional equity and resources to traditionally underserved communities across Illinois, to help lower barriers to homeownership for individuals and families," Kristin Faust, executive director, IHDA, said in the release. "Through targeted outreach, housing counseling, and down payment assistance, we are helping those who thought of homeownership as a dream but are now making it a reality. These new homeowners can now build financial security and put down roots in their community. IHDA appreciates our strong partnership with FHLBank Chicago as we work to increase homebuying opportunities throughout Illinois."

"Thanks to our partnerships with IHDA and WHEDA, we've seen many positive impacts for households served through our Housing Counseling Resource Program," Katie Naftzger, VP, community investment officer, FHLBank Chicago, said in the release. "Our heightened funding for this program affirms our dedication to promoting sustainable homeownership, financial resiliency, and wealth-building for underserved populations across Illinois and Wisconsin."