Federal Home Loan Bank of Chicago and Bay Bank Celebrate Grand Opening of Red Willow Flats in Oneida Nation, Wisconsin

ONEIDA, Wis.--(BUSINESS WIRE)--Representatives from the Federal Home Loan Bank of Chicago (FHLBank Chicago), Bay Bank, developer Pete King and 1822 Land & Development Company of Oneida, LLC (1822) joined local dignitaries on October 7 at the grand opening of Red Willow Flats, a new affordable housing development on tribal trust land in Oneida, Wis.

FHLBank Chicago awarded a $700,000 Affordable Housing Program (AHP) General Fund grant through member Bay Bank to assist with construction.

“At Bay Bank, supporting the Oneida Nation has always been at the heart of our work,” said Jeff Bowman, President and CEO of Bay Bank. “Red Willow Flats demonstrates how AHP funding from FHLBank Chicago, combined with local leadership, can bring lasting housing opportunities to our community.”

Red Willow Flats features 35 high-quality, environmentally friendly apartments that provide safe, stable and affordable homes for the tribal community in Oneida. The development expands access to housing for essential workers who help sustain and strengthen the community, addressing critical housing needs in Northeastern Wisconsin.

“Red Willow Flats represents more than housing — it reflects the heritage and resilience of the Oneida community,” said Pete King, CEO of King Solutions and member of 1822 Land & Development Company. “Through strong partnerships and shared commitment, we’ve created a development that supports wellbeing today and for generations to come.”

King previously received grant funding through FHLBank Chicago’s Community First^® Developer Program, which provides funding to support career development for emerging affordable housing developers. That foundation, combined with AHP support that helped make Red Willow Flats possible, demonstrates how FHLBank Chicago’s programs work together to strengthen leaders and bring affordable housing projects to life.

“FHLBank Chicago’s investment in housing development – paired with capacity-building support for emerging developers – ensures that our commitment to affordable housing expands the supply not only today, but for years to come,” said Katie Naftzger, Senior Vice President and Community Investment Officer at FHLBank Chicago.

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.

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.

For additional information about FHLBank Chicago's AHP General Fund and Community First Developer Program, 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 Bay Bank

Bay Bank has a long and proud history of standing for its customers’ future. Founded in 1995 by the Oneida Nation and a group of five local businessmen, the original mission of Bay Bank was to provide the Greater Green Bay area with a locally controlled financial institution that would be free from mergers and consolidations. In 2000, the Oneida Nation became the sole owner of Bay Bank, which had already grown to $65 million in assets.

Today, Bay Bank has assets over $300 million and a dedicated team of 39 employees with three locations in the Greater Green Bay area and Keshena. The bank provides mortgage, consumer and commercial loans, and is the only Greater Green Bay bank to offer the HUD Section 184 Indian Home Loan Guarantee Program, through which it has facilitated over $80 million in loans since 2005. Bay Bank also administers the Oneida Small Business Project 2000, delivering over $5 million in investments to more than 100 Oneida small business owners.

About 1822 Land & Development Company of Oneida, LLC

1822 Land and Development is a real estate development company that is wholly owned by the Oneida Nation as a subsidiary under Oneida ESC Group. 1822 owns approximately 16 commercial properties and manages over 30 commercial leases on behalf of the Oneida Nation.