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Federal Home Loan Bank of Chicago Updates on New Community First Disaster Relief Program

February 8, 2014

The Federal Home Loan Bank of Chicago is introducing the Community First Disaster Relief Program, which will initially assist several communities in Illinois that were struck by tornados and severe storms in November 2013.

According to a release, the FHLBC will provide financial assistance to people living and working in the affected area through its member financial institutions.

From February 3 through July 25, the FHLBC is offering financial support in three new ways:

-The FHLBC is donating $500,000 to create a new Community First Disaster Relief Grant Program. Eligible households or small businesses that sustained damage in the disaster areas may apply for $5,000 through one of our member financial institutions on a first- come, first-served basis. Visit www.fhlbc.com to see a list of members; contact them directly to see if you qualify for a $5,000 disaster relief grant.

-Through our popular Downpayment Plus Program, homebuyers can purchase a permanent manufactured home to replace one damaged by the storms using a grant of up to $15,000 instead of the current $8,000. Again, please visit www.fhlbc.com to see a list of members and contact them directly about the DPP Program.

-The FHLBC will also make up to $100 million available to members in its established Community Investment Cash Advances Program, at a reduced rate, to be used for economic development and affordable housing in the declared disaster areas.

"We have discussed these ideas with several of our members and are pleased that this is another way we can directly support them as they support their communities," said Matt Feldman, President of FHLBC. "Not only will this program provide direct financial assistance to those rebuilding in the 15 affected Illinois counties right now, it will serve as a framework for future FEMA-declared disasters should they occur."

More information:

www.fhlbc.com

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