FHLBank Chicago and Associated Bank Allocate $375K to Train Affordable Housing Developers
Event summary
- $375,000 awarded through FHLBank Chicago’s Community First® Developer Program to two nonprofits in Illinois and Wisconsin.
- Funds support paid internships and fellowships to develop affordable housing professionals.
- Grants aim to address Midwest affordable housing shortages and talent gaps.
- FHLBank Chicago has allocated $12 million since launching the Developer Program in 2022.
The big picture
The grant underscores the growing recognition that affordable housing development requires not just capital but also skilled professionals. FHLBank Chicago’s partnership with Associated Bank highlights a strategic shift toward talent pipeline development, addressing a critical bottleneck in affordable housing delivery. With $12 million allocated since 2022, the program reflects broader industry trends of financial institutions investing in long-term community development solutions.
What we're watching
- Program Scaling
- Whether FHLBank Chicago can sustain the pace of $12 million in grants annually to address regional housing needs.
- Talent Retention
- How effectively the internships and fellowships translate into long-term affordable housing development careers.
- Regional Impact
- The pace at which these initiatives expand affordable housing capacity in Illinois and Wisconsin.
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