Congressman Mike Bost Joins FHLBank Chicago to Discuss Rural Housing Solutions for Southern Illinois with Midland States Bank, C.E.F.S. Economic Opportunity Corporation and Local Officials
Hosted at C.E.F.S. Economic Opportunity Corporation's office, the discussion recognized the positive impact of a local affordable housing effort, the C.E.F.S. Low Income Home Rehabilitation Project. The project provided home improvement grants of up to $15,000 each for 24 very low-income homeowners in the seven Illinois counties of Clay, Effingham, Fayette, Shelby, Christian, Montgomery and Moultrie. Qualifying recipients earned less than or equal to 60% of the area median income. The funding was made possible through a $360,000 grant from FHLBank Chicago, working in partnership with Midland States Bank.
"We had a great meeting today discussing the housing affordability crisis and the unique housing challenges facing rural areas,' said Congressman Bost. 'Bringing together local affordable housing leaders is not just important—it's essential to creating lasting solutions. Every community has unique housing needs. Collaboration such as this help us truly understand and address them,' continued Congressman Bost. 'I appreciate the partnership created by the Federal Home Loan Bank of Chicago, Midland States Bank and C.E.F.S. Economic Opportunity Corporation that came together to help low-income families in my district improve their homes.'
While access to affordable housing is a nation-wide issue, flexible housing programs and partnerships are critical to support the rehabilitation of existing homes for citizens living on fixed income in rural areas. The C.E.F.S. Low Income Home Rehabilitation Project was funded through a combination of FHLBank Chicago's Affordable Housing Program (AHP) General Fund, which provides forgivable grants to member financial institutions, in this case Midland States Bank, to support affordable housing projects and developments, and the Illinois Home Weatherization Assistance Program, which provides low-income residents and households with a grant to make necessary home repairs to reduce energy costs and improve the health and safety of the residence.
'In southern Illinois, it's not uncommon for a low-income individual to own a home that clearly needs rehabilitation, but services often cannot be offered due to existing state and federal grant guidelines,' said Kevin Busher, C.E.F.S. Economic Opportunity Corporation. 'Working through Midland States Bank, we were able to layer in FHLBank Chicago's AHP funding to facilitate a wide range of home improvements—such as adding a walk-in shower for an elderly resident and installing central air conditioning to a home for a 94-year-old woman who had been sleeping on bags of ice to stay cool in the summer.'
'We're proud to partner with our member, Midland States Bank, to provide this vital support,' said Michael Ericson, President and CEO, FHLBank Chicago. 'These grants improve the health and safety of residents by enabling critical home repairs, enhancing mobility, and supporting weatherization efforts—allowing more individuals to remain in their homes comfortably and safely for years to come.'
'At Midland States Bank, we believe that strong communities start with safe, stable housing,' said Mel Stock, Market President, Midland States Bank. 'We're honored to support initiatives like the C.E.F.S. Low Income Home Rehabilitation Project that directly improve the lives of our neighbors. It's rewarding to see how strategic partnerships can deliver real, lasting impact for families across southern Illinois.'
For additional information about FHLBank Chicago's AHP General Fund, please visit fhlbc.com.
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 fhlbc.com.
About Midlands State Bank
Midland States Bancorp, Inc. is a community-based financial holding company headquartered in Effingham, Illinois, and is the sole shareholder of Midland States Bank. As of March 31, 2025, the Company had total assets of approximately $7.46 billion, and its Wealth Management Group had assets under administration of approximately $4.10 billion. The Company provides a full range of commercial and consumer banking products and services and business equipment financing, merchant credit card services, trust and investment management, insurance and financial planning services. For additional information, visit https://www.midlandsb.com/ or https://www.linkedin.com/company/midland-states-bank.
About C.E.F.S. Economic Opportunity Corporation
C.E.F.S. is a not-for-profit Community Action Agency incorporated in 1965 to help people achieve their full individual and economic potential. C.E.F.S. serves the Illinois counties of Christian, Clay, Effingham, Fayette, Montgomery, Moultrie, and Shelby. We develop, implement, and evaluate social service programs to assist economically and socially disadvantaged people in their quest for greater self-sufficiency. Our programs are as diverse as the needs of the people in the communities we serve. Visit https://www.cefseoc.org/ to learn more.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Business Wire
2 days ago
- Business Wire
Congressman Mike Bost Joins FHLBank Chicago to Discuss Rural Housing Solutions for Southern Illinois with Midland States Bank, C.E.F.S. Economic Opportunity Corporation and Local Officials
EFFINGHAM, Ill.--(BUSINESS WIRE)--U.S. Representative Mike Bost (R-IL-12) joined with the Federal Home Loan Bank of Chicago (FHLBank Chicago) today to convene a discussion with local leaders to address the unique housing needs of communities across southern Illinois. The roundtable event brought together influential representatives in the affordable housing space, including C.E.F.S. Economic Opportunity Corporation and Midland States Bank. Hosted at C.E.F.S. Economic Opportunity Corporation's office, the discussion recognized the positive impact of a local affordable housing effort, the C.E.F.S. Low Income Home Rehabilitation Project. The project provided home improvement grants of up to $15,000 each for 24 very low-income homeowners in the seven Illinois counties of Clay, Effingham, Fayette, Shelby, Christian, Montgomery and Moultrie. Qualifying recipients earned less than or equal to 60% of the area median income. The funding was made possible through a $360,000 grant from FHLBank Chicago, working in partnership with Midland States Bank. "We had a great meeting today discussing the housing affordability crisis and the unique housing challenges facing rural areas,' said Congressman Bost. 'Bringing together local affordable housing leaders is not just important—it's essential to creating lasting solutions. Every community has unique housing needs. Collaboration such as this help us truly understand and address them,' continued Congressman Bost. 'I appreciate the partnership created by the Federal Home Loan Bank of Chicago, Midland States Bank and C.E.F.S. Economic Opportunity Corporation that came together to help low-income families in my district improve their homes.' While access to affordable housing is a nation-wide issue, flexible housing programs and partnerships are critical to support the rehabilitation of existing homes for citizens living on fixed income in rural areas. The C.E.F.S. Low Income Home Rehabilitation Project was funded through a combination of FHLBank Chicago's Affordable Housing Program (AHP) General Fund, which provides forgivable grants to member financial institutions, in this case Midland States Bank, to support affordable housing projects and developments, and the Illinois Home Weatherization Assistance Program, which provides low-income residents and households with a grant to make necessary home repairs to reduce energy costs and improve the health and safety of the residence. 'In southern Illinois, it's not uncommon for a low-income individual to own a home that clearly needs rehabilitation, but services often cannot be offered due to existing state and federal grant guidelines,' said Kevin Busher, C.E.F.S. Economic Opportunity Corporation. 'Working through Midland States Bank, we were able to layer in FHLBank Chicago's AHP funding to facilitate a wide range of home improvements—such as adding a walk-in shower for an elderly resident and installing central air conditioning to a home for a 94-year-old woman who had been sleeping on bags of ice to stay cool in the summer.' 'We're proud to partner with our member, Midland States Bank, to provide this vital support,' said Michael Ericson, President and CEO, FHLBank Chicago. 'These grants improve the health and safety of residents by enabling critical home repairs, enhancing mobility, and supporting weatherization efforts—allowing more individuals to remain in their homes comfortably and safely for years to come.' 'At Midland States Bank, we believe that strong communities start with safe, stable housing,' said Mel Stock, Market President, Midland States Bank. 'We're honored to support initiatives like the C.E.F.S. Low Income Home Rehabilitation Project that directly improve the lives of our neighbors. It's rewarding to see how strategic partnerships can deliver real, lasting impact for families across southern Illinois.' 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 Midlands State Bank Midland States Bancorp, Inc. is a community-based financial holding company headquartered in Effingham, Illinois, and is the sole shareholder of Midland States Bank. As of March 31, 2025, the Company had total assets of approximately $7.46 billion, and its Wealth Management Group had assets under administration of approximately $4.10 billion. The Company provides a full range of commercial and consumer banking products and services and business equipment financing, merchant credit card services, trust and investment management, insurance and financial planning services. For additional information, visit or About C.E.F.S. Economic Opportunity Corporation C.E.F.S. is a not-for-profit Community Action Agency incorporated in 1965 to help people achieve their full individual and economic potential. C.E.F.S. serves the Illinois counties of Christian, Clay, Effingham, Fayette, Montgomery, Moultrie, and Shelby. We develop, implement, and evaluate social service programs to assist economically and socially disadvantaged people in their quest for greater self-sufficiency. Our programs are as diverse as the needs of the people in the communities we serve. Visit to learn more.
Business Upturn
5 days ago
- Business Upturn
FHLBank San Francisco Invests $10 Million to Preserve Affordable Housing in Arizona
SAN FRANCISCO, Aug. 12, 2025 (GLOBE NEWSWIRE) — The Federal Home Loan Bank of San Francisco (FHLBank San Francisco) today announced a $10 million investment in a Freddie Mac bond issuance that will support the continuing affordability of 436 housing units for low-income residents in Phoenix. 'We are proud to be able to support these much-needed affordable housing units by investing in mission-consistent securities that benefit people and communities in our region,' said Joe Amato, interim president and CEO of FHLBank San Francisco. 'Consistent with our commitment to provide reliable low-cost liquidity to our members and deliver resources to support affordable housing and community investment, we will continue to seek opportunities to invest in preserving the affordability of housing in Arizona and in other communities we and our members serve.' FHLBank San Francisco's $10 million investment to support affordable housing in Phoenix follows other significant investments to help develop affordable housing in its region, including $6.7 million in Affordable Housing Program (AHP) grants recently awarded for projects in Arizona that will create over 200 units of housing for lower-income families and individuals across the Copper State in Flagstaff, Prescott, Tucson, and at two sites on the Tohono O'odham Nation Reservation. These grants are part of the nearly $50 million in AHP grants awarded in the 2025 funding competition through the AHP General Fund and the AHP Nevada Targeted Fund. According to the 'State of Housing in Arizona Report' from Arizona State University, rents in Arizona increased by 72% from 2010 to 2022. To afford a two bedroom home, minimum wage workers would need to work 86 hours per week or have more than two full-time jobs to cover costs. Furthermore, the report showed that in 2022, nearly half of all renters in Arizona were cost-burdened, the highest percentage of cost-burden since 2010. The 'State of Housing in Arizona Report' was released in 2024 and funded through an award by the U.S. Department of Housing and Urban Development. FHLBank San Francisco partners with its member financial institutions to support affordable housing initiatives throughout its three-state region of Arizona, California, Nevada, and other areas where its members do business. Since the AHP was created in 1990, FHLBank San Francisco has awarded over $1.4 billion in AHP grants to support the construction, rehabilitation, or purchase of over 155,000 homes affordable to lower-income households. Together, the 11 regional FHLBanks that make up the Federal Home Loan Bank System are one of the largest privately capitalized sources of grant funding for affordable housing in the United States. About Federal Home Loan Bank of San Francisco The Federal Home Loan Bank of San Francisco is a member-driven cooperative helping local lenders in Arizona, California, and Nevada build strong communities, create opportunity, and change lives for the better. The tools and resources we provide to our member financial institutions — commercial banks, credit unions, industrial loan companies, savings institutions, insurance companies, and community development financial institutions — propel homeownership, finance quality affordable housing, drive economic vitality, and revitalize whole neighborhoods. Together with our members and other partners, we are making the communities we serve more vibrant and resilient. Contact:Tom Flannigan [email protected]
CBS News
6 days ago
- CBS News
Maryland sports wagering brings in $7.2 million for state in July
Maryland's sports wagering market generated $7.25 million in state contributions in July, according to Maryland Lottery and Gaming. During the month sports betters wagered more than $364,075,296, and won back $319,514,522 in prizes. Mobile betting dominated the market, accounting for $357.5 million in wagers compared to $6.55 million at retail sportsbooks. In July, $5.47 million went to the Blueprint for Maryland's Future Fund, which supports public education, and $1.78 million from mobile wagering was directed to the state's General Fund. Last month, sport wagering operators began paying a higher tax rate to the state. Retail operators pay 15% of their taxable win to the Blueprint Fund. Mobile operators pay 15% to the Blueprint Fund plus 5% to the General Fund, for a combined rate of 20%. Since sports wagering launched in December 2021, Maryland has collected $182.85 million for the Blueprint Fund and $1.78 million for the General Fund. The state has also received $4.67 million from expired prizes, which are allocated to the Problem Gambling Fund. The Blueprint was originally passed by the Maryland General Assembly in 2021 to reform education funding and support schools with high poverty and underserved students. In March, Maryland's House of Delegates voted to change parts of the 10-year education plan, which is funded through fiscal year 2027, but projected to cause a $1.1 billion deficit in 2028. Democratic leaders said their version protects a long-term education plan that's starting to pay off during a crucial time for public schools, the Banner reported. The Banner said the legislation no longer carries some of the reforms sought by Moore, including a multi-year pause on a plan to increase planning time for teachers. Delegates opted for only a one-year pause instead. According to the Banner, state delegates also rejected Moore's proposed cuts to planned increased per-pupil funding for students in poverty and those learning English, and freezing funding levels for community schools which offer extra services to students and their families in high-poverty neighborhoods. Currently, Maryland lawmakers have been working to eliminate a $3 billion budget deficit. In July, Gov. Moore announced a state hiring freeze, voluntary employee buyouts, and the elimination of vacant positions within state government. Maryland's approved budget for fiscal year 2026 introduced new taxes and major reductions in state spending. The plan includes $2.3 billion in cuts.
