Federal Home Loan Bank of Chicago and Village Bank & Trust Celebrate Grand Opening of Zion Woods Apartments

DEERFIELD, Ill.--(BUSINESS WIRE)--Representatives from the Federal Home Loan Bank of Chicago (FHLBank Chicago), Village Bank & Trust, Housing Opportunity Development Corporation (HODC) and Brinshore Development joined local dignitaries on June 26 at the grand opening of Zion Woods Apartments, a new affordable housing development in Deerfield, Illinois.

FHLBank Chicago awarded a $625,000 Affordable Housing Program (AHP) grant through member, Village Bank & Trust, to assist with construction.

Zion Woods features 25 high-quality, environmentally friendly apartments that provide safe, stable, and affordable homes for individuals and families who live and work in the community. The development, located in Deerfield, increases access to affordable housing in the North Shore, an area where such options are critically limited.

“Creating a supportive workforce housing community is so important for people in Deerfield and we are proud to have provided financing to help bring this project to life,” said Stephanie Molster, Vice President at Village Bank & Trust, a Wintrust Community Bank.

AHP grants subsidize the acquisition, new construction, or rehabilitation of rental or owner-occupied housing. Delivered in partnership with FHLBank Chicago financial institution members, these forgivable grants help to address ongoing housing supply challenges by expanding access to quality affordable housing in many communities.

“Zion Woods will enable individuals and families to affordably live and work in a vibrant community,” said Katie Naftzger, Senior Vice President and Community Investment Officer at FHLBank Chicago. “We value Village Bank & Trust and Housing Opportunity Development Corporation’s participation in our affordable housing initiatives, and we are grateful for the opportunity to collaborate in support of this project.”

In 2024, FHLBank Chicago awarded $48 million in AHP General Fund grants to 35 affordable housing projects. The grants will help create over 1,300 new or rehabilitated housing units. FHLBank Chicago will announce 2025 grant awardees this fall.

“The opening of the Zion Woods project in Deerfield is a shining example of what we can achieve when investment and local vision come together,” said Rep. Brad Schneider (IL-10). “Affording a home is a challenge that far too many in our community face, and I’m grateful to the many leaders and partners who brought this project to life. Together, we are building a better community and future for our neighbors.”

HODC collaborated with the Village of Deerfield, the Illinois Housing Development Authority (IHDA), the Federal Home Loan Bank of Chicago’s Affordable Housing Program (AHP), local advocates, and neighbors to bring this vision to life.

“This project has been many years in the making, and it’s incredibly moving to now see residents moving in and thriving,” said Richard Koenig, Executive Director of HODC. “Zion Woods stands as a powerful example of what is possible when communities come together to ensure everyone has a place to call home.”

“Zion Woods is the result of years of perseverance, planning and partnership,” said David Brint Co-founding Principal of Brinshore Development. “Today, we’re not just delivering affordable housing but delivering on a promise made to this community, the congregation at Zion Lutheran Church and changing the lives of these residents for years to come.”

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 Housing Opportunity Development Corporation (HODC)

HODC creates and preserves high-quality, affordable housing so individuals and families can thrive. With over 700 homes developed across 35 properties and more in progress, we build everything from single-family homes to larger apartment communities. Our team brings deep expertise in affordable housing finance and development, including LIHTC and complex funding partnerships. Whether working independently or with partners, we deliver impactful, lasting housing solutions in communities that need them most.