Extension Granted for Federal Home Loan Bank Grant

In June 2019, the City of Champaign Neighborhood Services Department partnered with Busey Bank to apply for a highly competitive Affordable Housing Program grant through the Federal Home Loan Bank of Chicago (FHLB). In November 2019, the Neighborhood Services Department received notice that they were approved to receive the amount of $67,500 for the purpose of providing safety and lighting upgrades to 20 single-family homes of low-income households through the Garden Hills SLEEP program.

In addition to the upgrades associated with the Garden Hills SLEEP Program, participants whose project was funded with FHLB grant funds were eligible to apply for a low-interest home improvement loan with Busey Bank to make additional upgrades to their home. Funds from this grant have been used to provide outdoor security lighting, yard pole lights and egress window upgrades for participants of the Garden Hills SLEEP Program. To date, upgrades have been made to 14 homes in the Garden Hills Neighborhood.

While staff was unable to complete all 20 projects before the deadline of November 18, 2022, staff submitted a cure plan to our FHLB Representative in November 2022. That cure plan was accepted and Neighborhood Services, along with Busey Bank, has been given an extension to complete the remaining projects. In the coming months, staff will be working with Busey to complete the five remaining projects and secure the fifth required loan prior to the new deadline of May 19, 2023.

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