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

Business Wire

2026 Community First® Developer Program grants fund fellowships and internships that build development expertise and organizational capacity

CHICAGO, October 22, 2026--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.

"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."

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