FHLBank Chicago Opens Applications for $3 Million Developer Program to Grow Affordable Housing Talent Pipeline

CHICAGO--(BUSINESS WIRE)--The Federal Home Loan Bank of Chicago (FHLBank Chicago) today opened applications for its 2026 Community First^® Developer Program (Developer Program), a grant initiative that helps organizations train and develop the next generation of affordable housing professionals across Illinois and Wisconsin.

FHLBank Chicago will award up to $3 million, delivered through its financial institution members to eligible organizations. Grants will range from $50,000 to $200,000, and applications are open through July 31, 2026.

"Expanding housing supply and addressing affordability challenges requires a skilled workforce prepared to meet growing demand," said Katie Naftzger, SVP and Community Investment Officer, FHLBank Chicago. "The Developer Program helps organizations build capacity, strengthen the pipeline of future affordable housing leaders and advance affordable housing initiatives across our district."

Since launching in 2022, the Developer Program has awarded $12 million to support over 200 internships and fellowships across Illinois and Wisconsin. In 2025 alone, the program awarded $5.9 million to 28 organizations, supporting over 100 internships and fellowships.

"This funding allows us to invest in future affordable housing leaders while expanding our capacity to serve communities today," said Ariam Kesete, Founder of AK Development. "By providing real-world development experience, the Developer Program strengthens both our workforce and our ability to advance affordable housing projects."

"The Developer Program helps connect funding with organizations addressing housing needs in our communities," said Heather Nelson, President and CEO of Spring Bank. "We're proud to partner with FHLBank Chicago to invest in the next generation of affordable housing leaders."

The program was developed with input from FHLBank Chicago's Community Investment Advisory Council to expand access to careers in affordable housing. Funding supports compensation and related expenses for internships, fellowships, and hands-on development experience.

Eligible organizations include nonprofit and for-profit developers, as well as organizations advancing career opportunities in the affordable housing industry. FHLBank Chicago members may sponsor up to three applications totaling no more than $600,000.

Learn more and apply at fhlbc.com/developer.

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.