Latest news with #FHLBankChicago
Yahoo
4 days ago
- Business
- Yahoo
FHLBank Chicago Celebrates Grand Opening of the Harry and Jeanette Weinberg Residences at Woodale Crossing
BROWN DEER, Wis., July 25, 2025--(BUSINESS WIRE)--Representatives from the Federal Home Loan Bank of Chicago (FHLBank Chicago), CIBC Bank USA, Jewish Family Services (JFS), and local dignitaries joined together on July 24 at the grand opening of the Harry and Jeanette Weinberg Residences at Woodale Crossing, a new affordable and supportive senior housing development in Brown Deer, Wis. FHLBank Chicago awarded a $1 million Affordable Housing Program (AHP) General Fund grant through member CIBC Bank USA to assist with construction. Woodale Crossing features 56 high-quality, affordable apartments for adults aged 55 and older, with 25% of the units designated for residents with disabilities who have experienced homelessness. The development includes on-site supportive services provided by JFS, helping residents maintain stability, wellness, and independence. "CIBC is proud to support a development that expands access to affordable housing that addresses the unique needs of older adults and residents with disabilities," said Adam Rogers, Managing Director at CIBC Bank USA. "Woodale Crossing proactively creates more affordable housing in our community." AHP grants subsidize the acquisition, new construction, or rehabilitation of rental or owner-occupied housing. Delivered in partnership with FHLBank Chicago financial institution members, these forgivable grants help address ongoing housing supply challenges by expanding access to quality affordable housing in many communities. "Woodale Crossing reflects what's possible when housing is designed with long-term wellbeing in mind," said Katie Naftzger, SVP and Community Investment Officer at FHLBank Chicago. "We are proud to partner with CIBC and JFS to support a development that meets both housing and service needs in a meaningful way." In 2024, FHLBank Chicago awarded $48 million in AHP General Fund grants to 35 affordable housing projects, helping create over 1,300 new or rehabilitated housing units. FHLBank Chicago will announce 2025 grant awardees this fall. "Affordable housing remains inaccessible to many of my constituents and Americans nationwide. I am thankful to the leaders and partners who made these important investments and helped respond to a critical need in our community. These new residences will give more seniors and people with disabilities in Brown Deer the stability and security of a high-quality, affordable home," said Rep. Gwen Moore (WI‑4). JFS led the development with support from financial partners, community stakeholders, and FHLBank Chicago's AHP General Fund. Other partners included the Wisconsin Housing and Economic Development Authority (WHEDA), National Equity Fund, the Harry and Jeanette Weinberg Foundation, Otto Bremer Trust, Bader Philanthropies, and Milwaukee County. "Woodale Crossing was designed to support residents in living independently while having access to services that help them thrive," said Daniel Fleischman, Vice President of Housing and Residential Services at JFS. "This community reflects our belief that stability, respect, and access to care should be part of every housing solution." For additional information about FHLBank Chicago's AHP General Fund, please visit About the Federal Home Loan Bank of Chicago FHLBank Chicago is a regional bank in the Federal Home Loan Bank System. FHLBanks are government-sponsored enterprises created by Congress to ensure access to low-cost funding for their member financial institutions, with a focus on providing solutions that support the housing and community development needs of members' customers. FHLBank Chicago is a self-capitalizing cooperative, owned by its Illinois and Wisconsin members, including commercial banks, credit unions, insurance companies, savings institutions and community development financial institutions. To learn more about FHLBank Chicago, please visit About Jewish Family Services (JFS) For 158 years, Jewish Family Services (JFS) has provided critical support services to thousands of individuals, families and children in the greater Milwaukee area. JFS offers quality community-based programs that improve the health, personal well-being and levels of independence of persons with intellectual and developmental disabilities, physical disabilities, age related disabilities, mental health issues and families with low household incomes. JFS' services are not exclusive to the Jewish community; individuals representing all religions, races, and ethnicities, are eligible to participate in JFS programs. Their geographic service areas include Milwaukee, Ozaukee, Waukesha, and Washington counties with the vast majority of individuals residing in the city of Milwaukee. View source version on Contacts Casey Reidy, 312.565.5291, creidy@ Sign in to access your portfolio
Business Wire
4 days ago
- Business
- Business Wire
FHLBank Chicago Celebrates Grand Opening of the Harry and Jeanette Weinberg Residences at Woodale Crossing
BROWN DEER, Wis.--(BUSINESS WIRE)--Representatives from the Federal Home Loan Bank of Chicago (FHLBank Chicago), CIBC Bank USA, Jewish Family Services (JFS), and local dignitaries joined together on July 24 at the grand opening of the Harry and Jeanette Weinberg Residences at Woodale Crossing, a new affordable and supportive senior housing development in Brown Deer, Wis. FHLBank Chicago awarded a $1 million Affordable Housing Program (AHP) General Fund grant through member CIBC Bank USA to assist with construction. Woodale Crossing features 56 high-quality, affordable apartments for adults aged 55 and older, with 25% of the units designated for residents with disabilities who have experienced homelessness. The development includes on-site supportive services provided by JFS, helping residents maintain stability, wellness, and independence. 'CIBC is proud to support a development that expands access to affordable housing that addresses the unique needs of older adults and residents with disabilities,' said Adam Rogers, Managing Director at CIBC Bank USA. 'Woodale Crossing proactively creates more affordable housing in our community.' AHP grants subsidize the acquisition, new construction, or rehabilitation of rental or owner-occupied housing. Delivered in partnership with FHLBank Chicago financial institution members, these forgivable grants help address ongoing housing supply challenges by expanding access to quality affordable housing in many communities. 'Woodale Crossing reflects what's possible when housing is designed with long-term wellbeing in mind,' said Katie Naftzger, SVP and Community Investment Officer at FHLBank Chicago. 'We are proud to partner with CIBC and JFS to support a development that meets both housing and service needs in a meaningful way.' In 2024, FHLBank Chicago awarded $48 million in AHP General Fund grants to 35 affordable housing projects, helping create over 1,300 new or rehabilitated housing units. FHLBank Chicago will announce 2025 grant awardees this fall. 'Affordable housing remains inaccessible to many of my constituents and Americans nationwide. I am thankful to the leaders and partners who made these important investments and helped respond to a critical need in our community. These new residences will give more seniors and people with disabilities in Brown Deer the stability and security of a high-quality, affordable home,' said Rep. Gwen Moore (WI‑4). JFS led the development with support from financial partners, community stakeholders, and FHLBank Chicago's AHP General Fund. Other partners included the Wisconsin Housing and Economic Development Authority (WHEDA), National Equity Fund, the Harry and Jeanette Weinberg Foundation, Otto Bremer Trust, Bader Philanthropies, and Milwaukee County. 'Woodale Crossing was designed to support residents in living independently while having access to services that help them thrive,' said Daniel Fleischman, Vice President of Housing and Residential Services at JFS. 'This community reflects our belief that stability, respect, and access to care should be part of every housing solution.' For additional information about FHLBank Chicago's AHP General Fund, please visit About the Federal Home Loan Bank of Chicago FHLBank Chicago is a regional bank in the Federal Home Loan Bank System. FHLBanks are government-sponsored enterprises created by Congress to ensure access to low-cost funding for their member financial institutions, with a focus on providing solutions that support the housing and community development needs of members' customers. FHLBank Chicago is a self-capitalizing cooperative, owned by its Illinois and Wisconsin members, including commercial banks, credit unions, insurance companies, savings institutions and community development financial institutions. To learn more about FHLBank Chicago, please visit About Jewish Family Services (JFS) For 158 years, Jewish Family Services (JFS) has provided critical support services to thousands of individuals, families and children in the greater Milwaukee area. JFS offers quality community-based programs that improve the health, personal well-being and levels of independence of persons with intellectual and developmental disabilities, physical disabilities, age related disabilities, mental health issues and families with low household incomes. JFS' services are not exclusive to the Jewish community; individuals representing all religions, races, and ethnicities, are eligible to participate in JFS programs. Their geographic service areas include Milwaukee, Ozaukee, Waukesha, and Washington counties with the vast majority of individuals residing in the city of Milwaukee.
Business Wire
6 days ago
- Business
- Business Wire
FHLBank Chicago Announces Q2 2025 Financial Highlights
CHICAGO--(BUSINESS WIRE)--The Federal Home Loan Bank of Chicago (FHLBank Chicago) today announced its preliminary and unaudited financial results for the second quarter of 2025. 'Our preliminary second quarter results reflect the continued strength of our cooperative and our ability to provide reliable liquidity to our members,' said Michael Ericson, President and Chief Executive Officer of FHLBank Chicago. 'Our preliminary second quarter results reflect the continued strength of our cooperative and our ability to provide reliable liquidity to our members,' said Michael Ericson, President and Chief Executive Officer of FHLBank Chicago. 'As market conditions evolve, we remain focused on delivering value through safe and sound financial management and strategic investments that support our members and the communities we serve.' Second Quarter 2025 Financial Highlights Net income declined to $151 million, compared to $158 million for the second quarter of 2024. The decline was primarily driven by higher noninterest expense, largely due to increased contributions to support members' housing and community development needs. This was partially offset by an increase in noninterest income from gains on trading securities. Total assets rose to $145.3 billion, up from $129.1 billion at December 31, 2024. The growth was mainly due to increased volume in advances and liquidity. Advances outstanding increased to $62.7 billion, compared to $55.8 billion at December 31, 2024, primarily attributable to increased borrowings from insurance company and depository members. Mortgage loans held for portfolio through the Mortgage Partnership Finance ® (MPF ®) Program increased to $13.9 billion, compared to $13.3 billion at December 31, 2024, primarily attributable to new acquisition volume that outpaced paydown activity. Housing and Community Development Statutory Affordable Housing Program (AHP) Assessments: FHLBank Chicago commits 10% of its income before assessments to support the affordable housing and community development needs of communities served by its members as required by regulation. As of June 30, 2025, FHLBank Chicago accrued $34 million to its AHP pool of funds. Voluntary Housing and Community Development Contributions: In addition to its statutory AHP assessments, the Board of Directors may elect to make voluntary contributions to the AHP or other housing and community investment activities to increase funding available to our members. During the first half of 2025, FHLBank Chicago contributed $8 million toward community investment grants and $25 million in subsidies supporting its Community Advances and loans. For more financial details, please refer to the Condensed Statements of Income and Statements of Condition below. The Form 10-Q for the quarter ending June 30, 2025, is expected to be filed with the Securities and Exchange Commission (SEC) next month. Condensed Statements of Income (Dollars in millions) (Preliminary and Unaudited) Three months ended June 30, Six months ended June 30, 2025 2024 Change 2025 2024 Change Interest income $ 1,592 $ 1,758 (9 )% $ 3,080 $ 3,533 (13 )% Interest expense (1,355 ) (1,522 ) (11 )% (2,607 ) (3,050 ) (15 )% Net interest income 237 236 — % 473 483 (2 )% Reversal of (provision for) credit losses (3 ) (1 ) 200 % (2 ) (1 ) 100 % Net interest income after reversal of (provision for) credit losses 234 235 — % 471 482 (2 )% Noninterest income (loss) 22 17 29 % 41 41 — % Noninterest expense (89 ) (76 ) 17 % (169 ) (145 ) 17 % Income before assessments 167 176 (5 )% 343 378 (9 )% Affordable Housing Program assessment (16 ) (18 ) (11 )% (34 ) (38 ) (11 )% Net income $ 151 $ 158 (4 )% $ 309 $ 340 (9 )% Average interest-earning assets $ 136,345 $ 125,956 8 % $ 131,701 $ 126,808 4 % Net interest income yield on average interest-earning assets 0.70 % 0.75 % (0.05 )% 0.72 % 0.76 % (0.04 )% Expand About the Federal Home Loan Bank of Chicago FHLBank Chicago is a regional bank in the Federal Home Loan Bank System. FHLBanks are government-sponsored enterprises created by Congress to ensure access to low-cost funding for their member financial institutions, with a focus on providing solutions that support the housing and community development needs of members' customers. FHLBank Chicago is a self-capitalizing cooperative, owned by its Illinois and Wisconsin members, including commercial banks, credit unions, insurance companies, savings institutions and community development financial institutions. To learn more about FHLBank Chicago, please visit 'Mortgage Partnership Finance' and 'MPF' are registered trademarks of the Federal Home Loan Bank of Chicago. Forward-Looking Information: This announcement uses forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are statements other than statements of historical fact, including statements with respect to beliefs, plans, objectives, projections, estimates, or predictions. These statements are based on FHLBank Chicago's expectations as of the date hereof. The words 'believe', 'estimate', 'expect', 'preliminary', 'continue', 'remain', 'commit', and similar statements and their plural and negative forms are used to identify some, but not all, of such forward-looking statements. For example, statements about future dividends and expectations for financial commitments are forward-looking statements. FHLBank Chicago cautions that, by their nature, forward-looking statements involve risks and uncertainties, including, but not limited to: legislative and regulatory developments that affect FHLBank Chicago, its members, or counterparties; instability in the credit and debt markets; economic conditions (including banking industry developments and liquidity in the financial system); prolonged inflation or recession; maintaining compliance with regulatory and statutory requirements (including relating to dividend payments and retained earnings); any decrease in levels of business which may negatively impact results of operations or financial condition; the reliability of projections, assumptions, and models on future financial performance and condition; political, national and world events; changes in demand for advances or consolidated obligations; membership changes; changes in mortgage interest rates and prepayment speeds on mortgage assets; FHLBank Chicago's ability to execute its business model and pay future dividends (including enhanced dividends on activity stock); FHLBank Chicago's ability to protect the security of information systems and manage any failures, interruptions, or breaches in its technology, controls or operating processes; and the risk factors set forth in FHLBank Chicago's periodic filings with the Securities and Exchange Commission (SEC), which are available through the SEC's reporting website. FHLBank Chicago assumes no obligation to update any forward-looking statements made herein. In addition, the FHLBank Chicago reserves the right to change its business plan or plans for any programs for any reason, including but not limited to, legislative or regulatory changes, changes in membership or member usage of programs, or changes at the discretion of the board of directors. Accordingly, FHLBank Chicago cautions that actual results could differ materially from those expressed or implied in these forward-looking statements or could impact the extent to which a particular plan, objective, projection, estimate or prediction is realized. New factors may emerge, and it is not possible to predict the nature of each new factor or assess its potential impact. Given these uncertainties, undue reliance should not be placed on forward-looking statements.
Associated Press
6 days ago
- Business
- Associated Press
FHLBank Chicago Announces Q2 2025 Financial Highlights
CHICAGO--(BUSINESS WIRE)--Jul 23, 2025-- The Federal Home Loan Bank of Chicago (FHLBank Chicago) today announced its preliminary and unaudited financial results for the second quarter of 2025. 'Our preliminary second quarter results reflect the continued strength of our cooperative and our ability to provide reliable liquidity to our members,' said Michael Ericson, President and Chief Executive Officer of FHLBank Chicago. 'As market conditions evolve, we remain focused on delivering value through safe and sound financial management and strategic investments that support our members and the communities we serve.' Second Quarter 2025 Financial Highlights Housing and Community Development For more financial details, please refer to the Condensed Statements of Income and Statements of Condition below. The Form 10-Q for the quarter ending June 30, 2025, is expected to be filed with the Securities and Exchange Commission (SEC) next month. About the Federal Home Loan Bank of Chicago FHLBank Chicago is a regional bank in the Federal Home Loan Bank System. FHLBanks are government-sponsored enterprises created by Congress to ensure access to low-cost funding for their member financial institutions, with a focus on providing solutions that support the housing and community development needs of members' customers. FHLBank Chicago is a self-capitalizing cooperative, owned by its Illinois and Wisconsin members, including commercial banks, credit unions, insurance companies, savings institutions and community development financial institutions. To learn more about FHLBank Chicago, please visit 'Mortgage Partnership Finance' and 'MPF' are registered trademarks of the Federal Home Loan Bank of Chicago. Forward-Looking Information: This announcement uses forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are statements other than statements of historical fact, including statements with respect to beliefs, plans, objectives, projections, estimates, or predictions. These statements are based on FHLBank Chicago's expectations as of the date hereof. The words 'believe', 'estimate', 'expect', 'preliminary', 'continue', 'remain', 'commit', and similar statements and their plural and negative forms are used to identify some, but not all, of such forward-looking statements. For example, statements about future dividends and expectations for financial commitments are forward-looking statements. FHLBank Chicago cautions that, by their nature, forward-looking statements involve risks and uncertainties, including, but not limited to: legislative and regulatory developments that affect FHLBank Chicago, its members, or counterparties; instability in the credit and debt markets; economic conditions (including banking industry developments and liquidity in the financial system); prolonged inflation or recession; maintaining compliance with regulatory and statutory requirements (including relating to dividend payments and retained earnings); any decrease in levels of business which may negatively impact results of operations or financial condition; the reliability of projections, assumptions, and models on future financial performance and condition; political, national and world events; changes in demand for advances or consolidated obligations; membership changes; changes in mortgage interest rates and prepayment speeds on mortgage assets; FHLBank Chicago's ability to execute its business model and pay future dividends (including enhanced dividends on activity stock); FHLBank Chicago's ability to protect the security of information systems and manage any failures, interruptions, or breaches in its technology, controls or operating processes; and the risk factors set forth in FHLBank Chicago's periodic filings with the Securities and Exchange Commission (SEC), which are available through the SEC's reporting website. FHLBank Chicago assumes no obligation to update any forward-looking statements made herein. In addition, the FHLBank Chicago reserves the right to change its business plan or plans for any programs for any reason, including but not limited to, legislative or regulatory changes, changes in membership or member usage of programs, or changes at the discretion of the board of directors. Accordingly, FHLBank Chicago cautions that actual results could differ materially from those expressed or implied in these forward-looking statements or could impact the extent to which a particular plan, objective, projection, estimate or prediction is realized. New factors may emerge, and it is not possible to predict the nature of each new factor or assess its potential impact. Given these uncertainties, undue reliance should not be placed on forward-looking statements. View source version on CONTACT: Heather Bockstruck, 312.565.5282 [email protected] KEYWORD: UNITED STATES NORTH AMERICA ILLINOIS INDUSTRY KEYWORD: PROFESSIONAL SERVICES OTHER CONSTRUCTION & PROPERTY RESIDENTIAL BUILDING & REAL ESTATE FINANCE CONSTRUCTION & PROPERTY URBAN PLANNING BANKING SOURCE: Federal Home Loan Bank of Chicago Copyright Business Wire 2025. PUB: 07/23/2025 02:28 PM/DISC: 07/23/2025 02:28 PM
Business Wire
18-07-2025
- Business
- Business Wire
Congressman Scott Fitzgerald Tours Former Grade School Transformed Into Housing, Leads Discussion on Challenges for Seniors and Our Workforce
MUSKEGO, Wis.--(BUSINESS WIRE)--U.S. Representative Scott Fitzgerald (WI-05) joined with the Federal Home Loan Bank of Chicago (FHLBank Chicago) and local leaders today for a discussion of the housing affordability challenges facing communities across Wisconsin. Following a tour of a former Muskego grade school that has been redeveloped into low-cost housing, the roundtable discussion brought together representatives from Associated Bank, the Wisconsin Partnership for Housing Development, Inc. and Commonwealth Development Corporation of America to share their insights and explore solutions to the rising cost of housing statewide. The tour highlighted the success of the Muskego School Apartments, a former grade school redeveloped into affordable housing units by the Wisconsin Partnership for Housing Development, Inc. and Commonwealth Development Corporation of America. The project received a $510,000 grant from FHLBank Chicago's Affordable Housing Program (AHP) General Fund, sponsored by its member Associated Bank. The project is an example of the unique adaptive reuse of an empty school into a place to call home for area seniors, families, and individuals with disabilities. 'Today's roundtable was an important opportunity to hear directly from the people working every day to expand access to working family housing in the greater Milwaukee area,' said Congressman Scott Fitzgerald. 'Meeting these housing needs requires more than just funding; it takes collaboration to ensure every Wisconsinite has a safe, stable place to call home. Thanks to local partners like FHLBank Chicago, Associated Bank, and the Wisconsin Partnership for Housing Development, Inc., we're solving housing issues right here in Muskego.' Located just one block from Little Muskego Lake, the apartment project expands access to affordable housing in a community where economic disparities and aging housing stock have resulted in limited availability of residential homes and buildings. This development is especially vital for senior residents living on fixed incomes, offering them housing designed for ease and independence. 'Reusing existing buildings like the former Muskego Elementary School for affordable housing in Milwaukee is a powerful investment in the city's resilience and future,' said Todd Mandel, Executive Director, Wisconsin Partnership for Housing Development, Inc. 'The AHP funding from FHLBank Chicago helped create homes that offer residents a peaceful setting, modern amenities, and close access to the community and downtown.' 'Our partnership with Associated Bank and community partners exemplifies how collaboration and innovation can transform communities through improving access to housing,' said Michael Ericson, President and CEO, FHLBank Chicago. 'Affordable housing is the cornerstone of resilient communities, and our AHP grants are helping to solve critical housing issues in areas with the highest need.' 'Associated Bank is proud to play an active role in helping our communities grow and prosper," said Stefanie Bachrach, Senior Vice President with Associated Community Development, LLC, the bank's community development corporation. 'Strategic partnerships between the housing leaders gathered here today show that we have a shared vision to create opportunities for individuals and families to share the rewards of building economic and housing stability in our communities.' For additional information about FHLBank Chicago's AHP General Fund, please visit About the Federal Home Loan Bank of Chicago FHLBank Chicago is a regional bank in the Federal Home Loan Bank System. FHLBanks are government-sponsored enterprises created by Congress to ensure access to low-cost funding for their member financial institutions, with a focus on providing solutions that support the housing and community development needs of members' customers. FHLBank Chicago is a self-capitalizing cooperative, owned by its Illinois and Wisconsin members, including commercial banks, credit unions, insurance companies, savings institutions and community development financial institutions. To learn more about FHLBank Chicago, please visit About Associated Banc-Corp Associated Banc-Corp (NYSE: ASB) has total assets of $43 billion and is the largest bank holding company based in Wisconsin. Headquartered in Green Bay, Wisconsin, Associated is a leading Midwest banking franchise, offering a full range of financial products and services from nearly 200 banking locations serving more than 100 communities throughout Wisconsin, Illinois, Minnesota and Missouri. The company also operates loan production offices in Indiana, Kansas, Michigan, New York, Ohio and Texas. Associated Bank, N.A. is an Equal Housing Lender, Equal Opportunity Lender and Member FDIC. More information about Associated Banc-Corp is available at About Wisconsin Partnership for Housing Development, Inc. The Wisconsin Partnership for Housing Development, Inc. is committed to housing for everyone because it's essential for building healthy communities. We build effective public-private partnerships to expand access to affordable housing options. We do this by directly developing quality housing and by consulting with local groups to provide them with the expertise and capacity to expand affordable housing in their communities. About Commonwealth Development Corporation of America Commonwealth Development Corporation of America (CDC) is a leading, majority woman-owned national developer of affordable, workforce, and senior housing. Committed to creating high-quality housing that strengthens neighborhoods and communities, CDC has developed more than 125 projects and over 8,000 units since its founding in 2001. The firm is consistently ranked among the top affordable housing developers in the country.
