FHLBank Chicago, IFF, Impact Seven, and Cinnaire Celebrate Groundbreaking of Trailview Cottages

HAYWARD, Wis.--(BUSINESS WIRE)--Representatives from the Federal Home Loan Bank of Chicago (FHLBank Chicago), IFF, Impact Seven, Cinnaire, and Northwood Technical College joined local leaders on Sept. 11 to celebrate the groundbreaking of Trailview Cottages, a new rural workforce housing development in Hayward, Wis.

Through its 2024 Affordable Housing Program (AHP) General Fund, FHLBank Chicago awarded a $2 million grant through member IFF to support Trailview Cottages. Impact Seven is leading the development with Cinnaire as a key partner. All three Community Development Financial Institutions (CDFIs) are FHLBank Chicago members and Community First^® Fund (CFF) partners, underscoring the strength of this network in expanding affordable housing across Wisconsin.

Trailview Cottages will bring 40 newly constructed, single-story, cottage-style apartments to Sawyer County. Located on the north side of Hayward, the homes will include one-, two-, and three-bedroom units, each with an attached one-car garage and private driveway. Shared amenities will include a fitness center, community room, outdoor patio, and pet-friendly spaces.

“Workforce housing is vital for the stability of rural communities and the growth of local economies,” said Katie Naftzger, Senior Vice President and Community Investment Officer, FHLBank Chicago. “Trailview Cottages shows how the AHP General Fund, along with leadership from our CDFI members like IFF, Impact Seven, and Cinnaire, can expand the supply of affordable housing while supporting the residents and employers that rural communities rely on to foster long-term growth.”

Supported by the Housing Opportunity and Mobile Education Solutions (HOMES) Initiative, a Workforce Innovation Grant program funded by the Wisconsin Department of Workforce Development, Trailview Cottages is designed to address the region’s shortage of affordable housing while also strengthening the local workforce. The development will feature a Workforce Accelerator operated by Northwood Technical College, which will bring classroom space and mobile training labs on-site for high-demand fields such as manufacturing, welding, and dental assisting.

“The HOMES project shows what’s possible when local partners, educators, and a mission-driven developer work together. We’re building more than homes; we’re building futures,” said Brett Gerber, President of Impact Seven. “By pairing housing with workforce training, we’re addressing two of the most pressing needs in rural Wisconsin – safe, affordable homes and access to good-paying jobs. It’s a model for rural revitalization that we believe can work across the state.”

AHP General Fund 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 address ongoing housing supply challenges by expanding access to quality affordable housing across Illinois and Wisconsin.

In 2024, FHLBank Chicago awarded $48 million in AHP General Fund grants to 35 affordable housing projects, helping create more than 1,300 new or rehabilitated housing units. Building on that impact, FHLBank Chicago expects to award $52 million in AHP General Fund grants in 2025, with recipients to be announced this fall.

Trailview Cottages is being developed by Impact Seven with support from IFF, Cinnaire, Northwood Technical College, WHEDA, the Wisconsin Department of Workforce Development, Tamarack Health, and other local and regional partners. Construction is scheduled to be completed by spring 2026.

“This project is a great example of how public-private partnerships make quality affordable housing possible in rural communities," said Chris Jillings, SVP Business Development at Cinnaire. "Through the Housing Tax Credit program, federal resources, state leadership, and private investment come together to create high-quality housing like Trailview Cottages that directly support the local workforce."

For additional information, please visit FHLBank Chicago’s AHP General Fund webpage.

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. This communication contains forward-looking statements which are based upon FHLBank Chicago’s current expectations and speak only as of the date hereof. All statements other than statements of historical fact are “forward-looking statements,” including terms, such as “anticipates,” “believes,” “expects,” “could,” “plans,” “estimates,” “may,” “should,” “will,” or their negatives or other variations on these terms. These forward-looking statements involve risks and uncertainties, including, but not limited to, the risk factors set forth in FHLBank Chicago’s periodic filings with the Securities and Exchange Commission, which are available on its website at fhlbc.com.

About IFF

Grounded in equity and deep sector expertise, IFF is a mission-driven Community Development Financial Institution (CDFI) that champions nonprofits to shape more equitable and vibrant communities through community-centered lending, development, and real estate consulting. Since 1988, IFF has been working at the intersection of facilities and finance and has provided $1.8 billion in flexible, affordable financing to nonprofits serving a variety of sectors in order to increase their financial stability and programmatic offerings. Headquartered in Chicago, IFF is one of only a few CDFIs nationally to hold the top-ranked Aeris four-star rating for impact management and AAA rating for financial strength and performance. IFF serves the Midwest from regional offices in Cleveland, Columbus, Detroit, Grand Rapids, Indianapolis, Kansas City, Milwaukee, and St. Louis. To learn more visit iff.org.

About Impact Seven

Impact Seven is a certified Community Development Financial Institution (CDFI) providing flexible, affordable loan capital for businesses, housing, commercial real estate, and community development projects in Wisconsin and beyond. One of the state’s largest nonprofit affordable housing developers and the only statewide Certified Housing Development Organization (CHDO), Impact Seven manages more than 1,500 units and has extensive experience with projects financed by Rural Development, HUD, and the Low-Income Housing Tax Credit (LIHTC) program. As a consultant, lender, investor, and developer, Impact Seven partners with communities to revitalize distressed housing and economies while advancing complex projects once considered too challenging to succeed.

About Cinnaire

Cinnaire is a mission-driven financial partner committed to investing in people and places to transform lives. Since 1993, Cinnaire has created more than $12 billion in community impact through capital investments and development solutions that support safe, quality, and affordable housing — the foundation for thriving communities. By partnering with developers, investors, and nonprofits, Cinnaire continues to create affordable homes, generate jobs, and support families while building stronger, more inclusive communities across the Midwest and beyond.