The reach of the home counseling resource programs has been expanded with support from the Federal Home Loan Bank of Chicago

CHICAGO, October 26, 2022 /PRNewswire/ — The Federal Home Loan Bank of Chicago (FHLBank Chicago) has partnered with local housing advisory agencies to enable an expanded service for minority, low- and middle-income homebuyers. The community first® The Housing Counseling Resource Program provides grants for agencies in Illinois and Wisconsin who support these programs.

Two of FHLBank Chicago’s housing partners, the Illinois Housing Development Authority (IHDA) and the Wisconsin Housing and Economic Development Authority (WHEDA), administer the Housing Counseling Resource Program on behalf of FHLBank Chicago. The IHDA consistently selected 21 beneficiary organizations Illinois and WHEDA selected a total of 9 beneficiary organizations Wisconsin. Selected beneficiaries were awarded through a competitive process and priority was given to nationwide coverage.

“IHDA and WHEDA are important partners who are doing an excellent job of filling the gaps that underserved households face when buying a home,” said Katie Naftzger, Vice President, Community Investment Officer, FHLBank Chicago. “Housing counseling agencies support financial coaching, credit readiness, lending, and real estate assistance.”

In parts of Illinois, buying a home is 36 percent cheaper than renting, and the net worth of a homeowner is expected to be 45 times greater than that of a renter, according to data from IHDA. Financial counseling and education is an excellent option for rebuilding credit, managing debt, and building savings.

Since 2020, the home ownership programs of the IHDA $2.1 billion for first mortgages and 110 million dollars in providing down payment assistance to more than 14,000 new homebuyers statewide.

Illinois Working families face many obstacles in building household wealth that can be passed on to future generations,” said IHDA Executive Director Christine Faust. “Through the Housing Counseling Resource Program, these 21 beneficiary organizations and agencies will be able to counsel thousands of additional low- and middle-income homebuyers. This advice not only creates homebuyers, it builds communities.”

WHEDA has helped more than 137,800 Wisconsin Renters, first-time homebuyers, non-first-time homebuyers, eligible veterans and more are realizing their dream home and financing their primary residence with a WHEDA loan.

“Learning how to navigate the home buying process is an important early step toward the benefits of home ownership because we know that a safe, affordable place to live is the foundation of prosperity,” said WHEDA Executive Director and CEO Elmer Moore, Jr. “We appreciate the support of FHLBank Chicago, which enables WHEDA to provide additional resources for housing advice to help more Wisconsiniers find their home path and build generational wealth for a better future.”

FHLBank Chicago committed over 3 million dollars to every government agency, IHDA and WHEDA, over a three-year period. The 30 beneficiary organizations receiving FHLBank Chicago funding in 2022 are:

Illinois recipients (counties served):

  • Sino-American Service League (Cook)
  • Municipal partners for affordable housing (lake, Northern cook)
  • Consumer Credit Advice Northern Illinois (McHenry, lake, Kane)
  • DuPage home office dba HOME DuPage Inc. (DuPage)
  • Embarras River Basin Agency, Inc. (Clear, coals, Crawford, Cumberland, Douglas, Edgar, jasper, Laurentius, kingdom)
  • Far South CDC (Cook)
  • Great Lakes Credit Union (Cook, lake)
  • Justin Petersen (madison, St Clair, Clinton, Macoupin, jersey)
  • Lake County Housing Authority (nationwide)
  • Navicore solutions (nationwide)
  • Neighborhood help from ChicagoInc (Cook)
  • Northside Community Development Corporation (Cook)
  • Northwest Side Housing Center (Cook)
  • NW HomeStart, Inc. (boone, Winnebago, Stephenson, Ogle, Jo Davis, Carol, White side, lee, DeKalb, The space)
  • Oak Park Regional Housing Center (Cook)
  • Restoration America (Kane, McHenry, lake)
  • Rock Island Economic Growth Corporation (rock island, mercer, White side, Carol, Jo Davis, Ogle, sangamon)
  • South Suburban Housing Center (Cook, Will, Kankakee)
  • Spanish Coalition for Housing (Cook)
  • The neighboring project (DuPage, Kane, kendall)
  • The Resurrection Project (Cook)

Wisconsin recipients (counties served):

  • ACTS housing (Milwaukee, Beloit)
  • Housing Resources, Inc. (Milwaukee)
  • United Community Center (Milwaukee)
  • Social Development Commission (Milwaukee)
  • La Casa de Esperanza (Waukesha)
  • Coulee Cap (LaCrosse)
  • Neighborhood Housing Services South West Wisconsin
  • Neighboring Plants Green Bay (Green Bay)
  • Undress (dane)

About the Federal Home Loan Bank of Chicago

The Mission of the Federal Home Loan Bank of Chicago is to work together with our members Illinois and Wisconsin to provide them with competitively priced financing, a reasonable return on their investment in the Bank and support for community investment activities. FHLBank Chicago is one of 11 Federal Home Loan Banks established by the US Congress in 1932 to promote home ownership. Our members include banks, thrifts, credit unions, insurance companies and financial institutions dedicated to community development in our district. To learn more about FHLBank Chicago, please visit www.fhlbc.com.

SOURCE Federal Home Loan Bank of Chicago

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