FHLBank Chicago and Spring Bank Allocate $500K to Boost Milwaukee Affordable Housing Talent
Event summary
- FHLBank Chicago and Spring Bank awarded $250,000 each to Milwaukee developers AK Development and Milwaukee Development Corporation through the Community First® Developer Program.
- Funds support paid internships and fellowships aimed at strengthening the affordable housing talent pipeline in Wisconsin.
- AK Development will use its grant to support three interns across mixed-income redevelopment and transit-oriented projects in Milwaukee.
- Milwaukee Development Corporation will allocate its grant to four fellows working on senior housing and workforce housing initiatives.
The big picture
The grants reflect a strategic focus on addressing affordable housing shortages through talent development, a growing trend as financing alone proves insufficient. Since 2022, FHLBank Chicago has committed $12 million to the Developer Program, leveraging partnerships with member institutions like Spring Bank to foster sustainable community growth. The initiative aligns with broader industry efforts to bridge the gap between housing supply and demand by investing in the next generation of developers.
What we're watching
- Talent Pipeline Impact
- How the structured, real-world learning opportunities will affect the long-term supply of skilled affordable housing developers in Milwaukee.
- Project Execution
- Whether the funded initiatives, including mixed-income redevelopment and senior housing transformations, will meet their goals and timelines.
- Program Scaling
- The pace at which FHLBank Chicago’s Developer Program can expand beyond Wisconsin to address broader affordable housing challenges in its district.