Federal Home Loan Bank of Chicago Announces First of Four Community First™ Award Winners
CHICAGO, Nov. 7, 2013 /PRNewswire/ -- The Federal Home Loan Bank of Chicago (Bank) is pleased to announce the first recipient of its 2013 Community First™ Awards. The awards recognize outstanding achievement in affordable housing and/or economic development through partnerships of the Bank's member institutions and non-profit organizations that have worked together to revitalize and strengthen the communities they serve. Each of this year's four recipients will receive $10,000 in recognition of their community investment achievements.
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At its member meeting in Springfield, Illinois, the Bank honored the first of four award winners. Rock Island Economic Growth Corporation (GROWTH) received the award in recognition of its partnership with Modern Woodmen Bank on the development of Jackson Square—Rock Island's largest adaptive reuse development that features 30 units of affordable housing and commercial space. Modern Woodmen Bank (www.mwabank.com) provided the construction loan for GROWTH to transform the former Illinois Oil Building into Jackson Square, successfully generating full-time jobs and revenue, while also serving as a catalyst for economic development investment in the surrounding area. To learn more about GROWTH's involvement in the revitalization of Rock Island visit www.teamrockisland.com.
"The partnership of Rock Island Economic Growth Corporation and Modern Woodmen Bank illustrates their commitment to economic revitalization," said Sam Nicita, the Community Investment Officer for the Federal Home Loan Bank of Chicago. "Through their shared vision of the positive changes a transformed Jackson Square development could bring to Rock Island, they have made a lasting impact in their community."
Next week, the Bank will announce the remaining three award winners. The Bank also supports community investment and development efforts by offering favorably priced loans for eligible projects and grants through its competitive Affordable Housing Program.
About the Federal Home Loan Bank of Chicago
The Federal Home Loan Bank of Chicago is a $61.1 billion wholesale bank serving the needs of member housing finance institutions located in Illinois and Wisconsin. Our mission is to partner with our member shareholders to provide them competitively priced funding, a reasonable return on their investment, and support for community investment activities.
The U.S. Congress created the Federal Home Loan Bank System, which includes 12 Federal Home Loan Banks, in 1932 to promote housing finance, but each Bank is wholly owned by its member institutions.
SOURCE Federal Home Loan Bank
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