FHLBank Chicago Awards $5 Million to Support Affordable Housing Developers in Illinois and Wisconsin

The Federal Home Loan Bank of Chicago (FHLBank Chicago) has awarded $5 million through its 2026 Community First Developer Program to support the development of affordable housing professionals and expand housing development capacity across Illinois and Wisconsin.

The funding, distributed through FHLBank Chicago member financial institutions, will support an estimated 95 fellowships and internships at 27 organizations. The latest awards bring the program’s cumulative funding to $17 million since its launch in 2022.

The initiative provides grants to nonprofit, for-profit and quasi-governmental organizations that offer practical training opportunities for emerging affordable housing developers...

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Leo's notes: FHLBank Chicago's $5 million program will support approximately 95 fellowships and internships across Illinois and Wisconsin. The more consequential opportunity here is the pipeline of developers being built, who will be capable of delivering smaller, incremental housing projects in communities that lack established development capacity.