FOR IMMEDIATE RELEASE:
A million-dollar boost to build hope: IV PADS shelter dreams coming true
Awarded $1,000,000 through the Affordable Housing Program (AHP) General Fund
November 16, 2023 – Ottawa, Illinois – Illinois Valley PADS (IV PADS) is excited to announce a game-changing one-million-dollar grant from the Federal Home Loan Bank/Chicago through their Affordable Housing Program (AHP) General Fund Grant from FHL Bank Chicago. This generous grant was made possible as they understand the dream of a much-needed replacement shelter in Ottawa in which to serve the Illinois Valley region.
“We are so blessed and grateful for this opportunity to jump-start our need for a new Ottawa shelter. The need is to provide a functional, new building to provide safe and warm shelter and to house our services for the homeless. This facility is for the homeless who are the vulnerable, largely invisible, yet growing, population in our communities. We’re not just building walls with this shelter; we’re building dreams.” stated Carol Alcorn, IV PADS executive director.
Photo from left to right –
Tom Rooney, Board Member, Carol Alcorn, Executive Director, and Board President: Gerilyn Hocking
“This donation isn’t just about bricks and mortar; it’s about building a community that cares for its own. We are thrilled to have Federal Home Loan Bank/Chicago understand our needs and through this awarded grant stand shoulder to shoulder with us in this journey,” added Tom Rooney, Board Member, and Fundraising Committee Director.
The Federal Home Loan Bank received 61 applications requesting $44,000,000 to support the construction, acquisition, and/or rehabilitation of 2,555 housing units. This year through the 2023 Affordable Housing Program (AHP) General Fund, they were able to award approximately $33,000,000 to support 1,913 housing units. There were 29 member banks that worked with these applicants. PADS was extremely grateful for the work and support of Steven Gonzalo, Chief Executive Officer and President, and the First National Bank of Ottawa for being IV PADS sponsoring bank. Mr. Gonzalo stated “First National Bank of Ottawa and I are proud to have supported this project and to have been part of this successful award.”
IV PADS invites the community to join in this collaborative effort to build a stronger, more compassionate community. They look forward to keeping the public updated on the progress of this vital project and the positive impact it will have on countless lives.
About Illinois Valley PADS
Since 1991, the IV PADS mission has provided safe shelter and meals, along with access to resources such as hygiene facilities, healthcare services, and services that provide a pathway to dignity and long-term stability for individuals and families in need. There are two shelters – Ottawa and Peru that serve our homeless. During the 2022-2023 season, IV PADS served 513 individuals of which 81 were children and they have served 51,698 meals through their two shelter facilities. And, these significant numbers continue to increase in the Illinois Valley community.
About Federal Home Loan Bank/Chicago
FHLBank Chicago is a wholesale bank and one of 11 district FHLBanks chartered in 1932 by the U.S. Congress to support mortgage lending and community investment. Each FHLBank operates as an independent organization and is governed by a board of directors elected by its member institutions. As a cooperative, we provide reliable liquidity to our member banks, credit unions, insurance companies, and community development financial institutions located in Illinois and Wisconsin, focusing on the distinct needs of their individual businesses and communities.
Federal Home Loan Bank/Chicago has participated in investments in community funds such as the Affordable Housing Program (AHP) General Fund. Along with their member institutions, they partner with not-for-profit developers, community organizations, units of government, public housing authorities, and tribal governments to apply for annual grants to subsidize the acquisition, new construction, and/or rehabilitation of affordable rental or owner-occupied housing. AHP subsidy is provided as a forgivable grant from the Federal Home Loan Bank of Chicago, through a member, to a project sponsor.
For additional information contact:
Carol Alcorn, Executive Director
815-224-3047