FHLBank Chicago Awards $5.9 Million for Developer Program to Empower Emerging Leaders in Affordable Housing

Developer Program Builds Pipeline of Housing Professionals Across Illinois and Wisconsin

CHICAGO--(BUSINESS WIRE)--The Federal Home Loan Bank of Chicago (FHLBank Chicago) has awarded $5.9 million through its 2025 Community First^® Developer Program to help expand the pipeline of real estate developers advancing affordable housing across Illinois and Wisconsin. This year’s funding supports more than 110 fellowships and internships across 28 organizations, bringing FHLBank Chicago’s overall award amount for the program from 2022 to 2025 to $12.3 million.

“Expanding the supply of affordable housing requires both resources and skilled developers,” said Katie Naftzger, Senior Vice President and Community Investment Officer, FHLBank Chicago. “The Developer Program helps ensure that emerging professionals have the tools and experience needed to turn ideas into real housing solutions.”

The Developer Program provides grant funding for nonprofit and for-profit organizations to support career development for emerging affordable housing developers. Grants range from $50,000 to $250,000 per organization and fund activities such as project management training, predevelopment planning, construction and financing experience, and on-the-job learning through internships and fellowships. These efforts help cultivate the next generation of housing professionals and strengthen the foundation for long-term development across the region.

Among this year’s recipients, Kaba-Baal LLC received $241,000 through member Forward Community Investments, Inc. to support internships and fellowships that provide hands-on experience in affordable housing development. Fellows are contributing to projects such as Valley View in River Falls and Tower Drive Senior Housing in Columbus, Wisconsin—gaining skills that strengthen both local communities and the state’s growing network of housing developers.

“This partnership gives us the ability to invest in people who want to make a lasting difference in their communities,” said Kaba Bah, Principal of Kaba-Baal LLC. “By combining hands-on learning with real projects in Wisconsin, we’re helping build both the skills and confidence needed to move affordable housing forward.”

Introduced in 2022, the Developer Program reflects FHLBank Chicago's commitment to supporting affordable housing development across the region. The program was established at the recommendation of FHLBank Chicago's Community Investment Advisory Council, a group of industry leaders from Illinois and Wisconsin that guides its approach to affordable housing and community lending. View the full list of 2025 Developer Program grant awardees below.

For more information, visit the Community First® Developer Program webpage on fhlbc.com.

2025 Developer Program Grant Recipients	FHLBank Chicago Member Sponsors	City	State
AHDVS, LLC	Cinnaire Lending Corporation	Orland Park	IL
AK Development	Spring Bank	Milwaukee	WI
Beauty For Ashes Developers	Amalgamated Bank of Chicago	Chicago	IL
Community First MKE	Cinnaire Lending Corporation	Milwaukee	WI
Eminent Development Corporation	Lake Ridge Bank	Madison	WI
FIT Investment Group	IFF	Milwaukee	WI
Full Circle Communities, Inc.	CIBC Bank USA	Chicago	IL
Habitat for Humanity of Northern Fox Valley	Cornerstone National Bank & Trust Company	Elgin	IL
Habitat for Humanity Waukesha Jefferson Rock	Waukesha State Bank	Waukesha	WI
Hispanic Housing Development Corporation	Associated Bank, National Association	Chicago	IL
Hope Community Capital LLC	League of Wisconsin Municipalities Mutual Insurance	Madison	WI
IBT Group, LLC	Amalgamated Bank of Chicago	Chicago	IL
Illinois Housing Council	BMO Bank, National Association	Chicago	IL
Kaba-Baal LLC	Forward Community Investments, Inc.	Madison	WI
KG Development Group	Northwest Side Community Development Corporation	Milwaukee	WI
Lawndale Christian Development Corporation	First Eagle Bank	Chicago	IL
Milwaukee Community Land Trust, LTD	Associated Bank, National Association	Milwaukee	WI
Milwaukee Development Corporation	Spring Bank	Milwaukee	WI
Moxie Development Collective, LLC	Spring Bank	Milwaukee	WI
Newcap, Inc.	Associated Bank, National Association	Green Bay	WI
Northernstar Companies LLC	Waterstone Bank	Milwaukee	WI
Northpointe Development II Corporation	Bristol Morgan Bank	Oshkosh	WI
Southwest Organizing Project	Marquette Bank	Chicago	IL
The Interfaith Housing Development Corporation of Chicago	Chicago Community Loan Fund	Chicago	IL
The Resurrection Project	BMO Bank, National Association	Chicago	IL
University of Wisconsin-Madison Department of Real Estate and Urban Land Economics	Forward Community Investments, Inc.	Madison	WI
Wild Rivers Habitat for Humanity, Inc.	Community Bank of Cameron	Spooner	WI
Wisconsin Economic Development Corporation, Office of Rural Prosperity	Bank of Luxemburg	Madison	WI

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.

“Community First” is a registered trademark of FHLBank Chicago.