FHLBank Chicago Awards $5 Million to Expand Affordable Housing Developer Pipeline Across Illinois and Wisconsin

The Federal Home Loan Bank of Chicago (FHLBank Chicago) has awarded $5 million through its 2026 Community First^® Developer Program (Developer Program) to expand the pipeline of real estate developers advancing affordable housing across Illinois and Wisconsin. Delivered through FHLBank Chicago member institutions, this year’s grants will support an estimated 95 fellowships and internships across 27 organizations. The awards bring total funding for the program since 2022 to $17 million.

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The Central Illinois Land Bank Authority, a recipient of a $200,000 grant through FHLBank Chicago’s 2026 Community First® Developer Program, is helping expand homeownership opportunities in rural Illinois through its Vacant Lots to New Homes Initiative. Pictured is a new tiny home in Casey, Illinois, that was sold for $53,000 to a first-time homebuyer.

“Expanding the supply of affordable housing takes more than identifying where homes are needed. It takes people with the skills and experience to move projects forward,” said Katie Naftzger, Senior Vice President and Community Investment Officer, FHLBank Chicago. “The Developer Program gives emerging professionals the opportunity to learn through real projects while helping organizations build the capacity to advance housing in communities across Illinois and Wisconsin.”

The Developer Program provides grant funding through FHLBank Chicago member institutions to nonprofit, for-profit and quasi-governmental organizations supporting career development for emerging affordable housing developers. Target grant amounts ranged from $50,000 to $200,000 per beneficiary organization to support internships and fellowships that provide hands-on experience in project management training, predevelopment planning, construction and financing and other aspects of affordable housing development. 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, Central Illinois Land Bank Authority (CILBA) received $200,000 through FHLBank Chicago member Servbank to support one anticipated fellow and two interns who will receive hands-on experience in affordable housing and community development. Participants will contribute to active redevelopment efforts in Casey, Mt. Sterling, Westville, Oakwood, Pontiac, Mattoon and Jacksonville, building experience in property redevelopment, development requests for proposals, vacant-lot development and affordable multifamily housing.

“All of the communities we serve have distressed or abandoned properties with potential and housing needs waiting to be addressed,” said Mike Davis, Executive Director of the Central Illinois Land Bank Authority. “Giving emerging developers the opportunity to work directly on these challenges creates a valuable learning experience while bringing additional capacity to communities working to put vacant and underused properties back into productive use. We want participants to gain the experience and confidence to keep moving housing projects forward throughout the region and scale up our Vacant Lots to New Homes Initiative program to help rural communities address missing middle housing.”

Wisconsin Partnership for Housing Development (WPHD) received $199,738 through FHLBank Chicago member Forward Community Investments to support two housing development fellows who will work alongside WPHD’s development team on housing opportunities across the state. Fellows will gain experience in site identification, feasibility analysis, financing, due diligence, construction planning and project management while helping advance a portfolio of affordable homeownership and rental developments. WPHD estimates that projects supported by the fellows’ work could help create or preserve 93 homes across Wisconsin, including developments in Madison, Beloit, La Crosse, Shorewood and Sun Prairie.

“The best way to learn housing development is to be part of the work from the beginning,” said Todd Mandel, Executive Director at Wisconsin Partnership for Housing Development. “Our fellows will have the opportunity to evaluate sites, work through financing and due diligence, collaborate with communities and help move real housing developments forward. They’ll finish the fellowship not only understanding how affordable housing gets built, but having helped advance homes for communities across Wisconsin.”

Introduced in 2022, the Developer Program has awarded $12 million through 2025 and supported 215 internships and fellowships that help expand the pipeline of affordable housing developers across Illinois and Wisconsin. The program was established at the recommendation of FHLBank Chicago’s Community Investment Advisory Council, a group of industry leaders that advises on affordable housing and community lending.

View the full list of 2026 Developer Program grant awardees below.

Learn more about the Developer Program.

2026 Developer Program Grant Recipients

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 the Federal Home Loan Bank of Chicago.

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