February 7, 2023
Extension Granted for Federal Residence Mortgage Financial institution Grant


In June 2019, the Metropolis of Champaign Neighborhood Companies Division partnered with Busey Financial institution to use for a extremely aggressive Inexpensive Housing Program grant by the Federal Residence Mortgage Financial institution of Chicago (FHLB). In November 2019, the Neighborhood Companies Division obtained discover that they had been accepted to obtain the quantity of $67,500 for the aim of offering security and lighting upgrades to twenty single-family houses of low-income households by the Backyard Hills SLEEP program.

Along with the upgrades related to the Backyard Hills SLEEP Program, contributors whose venture was funded with FHLB grant funds had been eligible to use for a low-interest house enchancment mortgage with Busey Financial institution to make further upgrades to their house. Funds from this grant have been used to offer outside safety lighting, yard pole lights and egress window upgrades for contributors of the Backyard Hills SLEEP Program. To this point, upgrades have been made to 14 houses within the Backyard Hills Neighborhood.

Whereas employees was unable to finish all 20 tasks earlier than the deadline of November 18, 2022, employees submitted a remedy plan to our FHLB Consultant in November 2022. That remedy plan was accepted and Neighborhood Companies, together with Busey Financial institution, has been given an extension to finish the remaining tasks. Within the coming months, employees shall be working with Busey to finish the 5 remaining tasks and safe the fifth required mortgage previous to the brand new deadline of Could 19, 2023.

Extension Granted for Federal Residence Mortgage Financial institution Grant



Classes: Neighborhood Companies Division Information
Tags: Busey Financial institution, Federal Residence Mortgage Financial institution Grant, FHLB, SLEEP Program