FHLBank Chicago Partners with Local Leaders to Address Affordable Housing Needs in Southern Illinois

Strategic Insights -

U.S. Representative Mike Bost joined the Federal Home Loan Bank of Chicago (FHLBank Chicago) to convene a discussion on the unique housing needs of communities across southern Illinois. The roundtable brought together influential representatives in the affordable housing space, including C.E.F.S. Economic Opportunity Corporation and Midland States Bank. The event recognized the positive impact of the C.E.F.S. Low Income Home Rehabilitation Project, which provided home improvement grants to very low-income homeowners in seven Illinois counties. The project's success was made possible through a $360,000 grant from FHLBank Chicago and a partnership with Midland States Bank.

Key Takeaways:

  • Congressman Bost emphasized the importance of collaboration to create lasting solutions to the housing affordability crisis in rural areas.
  • The C.E.F.S. Low Income Home Rehabilitation Project provided home improvement grants of up to $15,000 each for 24 very low-income homeowners in seven Illinois counties.
  • The funding was made possible through a $360,000 grant from FHLBank Chicago, working in partnership with Midland States Bank.
  • Qualifying recipients earned less than or equal to 60% of the area median income.
  • The Affordable Housing Program (AHP) General Fund provided forgivable grants to member financial institutions, including Midland States Bank, to support affordable housing projects.
  • The project facilitated a wide range of home improvements, such as adding a walk-in shower for an elderly resident and installing central air conditioning to a home for a 94-year-old woman.
  • The project enhanced mobility, supported weatherization efforts, and improved the health and safety of residents.

Statistics:

  • $360,000: The grant amount from FHLBank Chicago to support the C.E.F.S. Low Income Home Rehabilitation Project.
  • $15,000: The maximum amount of home improvement grant provided to each very low-income homeowner.
  • 24: The number of very low-income homeowners who received home improvement grants through the project.
  • 7: The number of Illinois counties where the project provided assistance to very low-income homeowners.
  • 60%: The percentage of the area median income earned by qualifying recipients.
  • 94: The age of a woman who received central air conditioning installation through the project.

Sources:

  • "U.S. Representative Mike Bost joined with the Federal Home Loan Bank of Chicago (FHLBank Chicago) today to convene a discussion with local leaders to address the unique housing needs of communities across southern Illinois." (FHLBank Chicago news release)
  • "The project was funded through a combination of FHLBank Chicago's Affordable Housing Program (AHP) General Fund and the Illinois Home Weatherization Assistance Program." (FHLBank Chicago news release)
  • "We're proud to partner with our member, Midland States Bank, to provide this vital support," said Michael Ericson, President and CEO, FHLBank Chicago. (FHLBank Chicago news release)
  • "At Midland States Bank, we believe that strong communities start with safe, stable housing," said Mel Stock, Market President, Midland States Bank. (FHLBank Chicago news release)