FHLBank Chicago and Associated Bank Award $375,000 to Support Emerging Housing Developers

MILWAUKEE--(BUSINESS WIRE)--To help address the growing need for skilled affordable housing developers, the Federal Home Loan Bank of Chicago (FHLBank Chicago), in partnership with member Associated Bank, has awarded $375,000 through its Community First^® Developer Program (Developer Program) to two nonprofit organizations in Illinois and Wisconsin. The awards come as communities across the Midwest face increasing demand for affordable housing alongside a shortage of experienced development professionals. The grants will support paid internships and fellowships that prepare the next generation of professionals to advance affordable housing development in their communities.

“Financing alone does not create affordable housing — people do,” said Katie Naftzger, Senior Vice President and Community Investment Officer at FHLBank Chicago. “By investing in developer organizations, and partnering with members like Associated Bank, we are helping build the talent pipeline needed to deliver affordable housing in communities across our district.”

Hispanic Housing Development Corporation and Milwaukee Community Land Trust received grants through Associated Bank to support interns and fellows gaining experience across the affordable housing development process, including planning, financing coordination, construction oversight, and project implementation. These roles will contribute to development efforts across Illinois and Wisconsin, helping expand organizational capacity while preparing emerging professionals to advance affordable housing in their communities.

“This investment allows us to continue preparing future affordable housing professionals while advancing development that benefits our communities,” said Tony Hernandez, President and CEO of Hispanic Housing Development Corporation.

Associated Bank has accessed many of FHLBank Chicago’s Community Investment programs and uses secured loans, known as advances, to provide liquidity for community lending that supports housing and economic development.

“Our partnership with FHLBank Chicago allows us to support initiatives that strengthen communities and expand access to affordable housing,” said Lisa Barwinski, Vice President, Community Accountability Program Manager Senior at Associated Bank. “Programs like the Developer Program help build the pipeline of professionals needed to advance housing development across the communities we serve.”

Since launching the Developer Program in 2022, FHLBank Chicago has awarded $12 million to strengthen career pathways and support long-term affordable housing development across its district. Introduced at the recommendation of FHLBank Chicago’s Community Investment Advisory Council, the Developer Program reflects FHLBank Chicago’s ongoing commitment to supporting affordable housing development through partnerships with member institutions.

Community First is a registered trademark of the Federal Home Loan Bank of Chicago.

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 Associated Bank

Associated Banc-Corp (NYSE: ASB) has total assets of $45 billion and is the largest bank holding company based in Wisconsin. Headquartered in Green Bay, Wisconsin, Associated is a leading Midwest banking franchise, offering a full range of financial products and services from nearly 200 banking locations serving more than 100 communities throughout Wisconsin, Illinois, Minnesota, and Missouri. The Company also operates loan production offices in Indiana, Kansas, Michigan, New York, Ohio and Texas. Associated Bank, N.A. is an Equal Housing Lender, Equal Opportunity Lender and Member FDIC. More information about Associated Banc-Corp is available at www.associatedbank.com.