Federal Home Loan Bank of Chicago

10/30/2025 | Press release | Distributed by Public on 10/30/2025 09:14

FHLBank Chicago Awards $5.9 Million for Developer Program to Empower Emerging Leaders in Affordable Housing

The Federal Home Loan Bank of Chicago (FHLBank Chicago) has awarded $5.9 million through its 2025 Community First® Developer Program to help expand the pipeline of real estate developers advancing affordable housing across Illinois and Wisconsin. This year's funding supports more than 110 fellowships and internships across 28 organizations, bringing FHLBank Chicago's overall award amount for the program from 2022 to 2025 to $12.3 million.

"Expanding the supply of affordable housing requires both resources and skilled developers," said Katie Naftzger, Senior Vice President and Community Investment Officer, FHLBank Chicago. "The Developer Program helps ensure that emerging professionals have the tools and experience needed to turn ideas into real housing solutions."

The Developer Program provides grant funding for nonprofit and for-profit organizations to support career development for emerging affordable housing developers. Grants range from $50,000 to $250,000 per organization and fund activities such as project management training, predevelopment planning, construction and financing experience, and on-the-job learning through internships and fellowships. 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, Kaba-Baal LLC received $241,000 through member Forward Community Investments, Inc. to support internships and fellowships that provide hands-on experience in affordable housing development. Fellows are contributing to projects such as Valley View in River Falls and Tower Drive Senior Housing in Columbus, Wisconsin-gaining skills that strengthen both local communities and the state's growing network of housing developers.


"This partnership gives us the ability to invest in people who want to make a lasting difference in their communities," said Kaba Bah, Principal of Kaba-Baal LLC. "By combining hands-on learning with real projects in Wisconsin, we're helping build both the skills and confidence needed to move affordable housing forward."

Introduced in 2022, the Developer Program reflects FHLBank Chicago's commitment to supporting affordable housing development across the region. The program was established at the recommendation of FHLBank Chicago's Community Investment Advisory Council, a group of industry leaders from Illinois and Wisconsin that guides its approach to affordable housing and community lending. View the full list of 2025 Developer Program grant awardees below.

Learn more about the Community First® Developer Program.

Grant Recipient Organization FHLBank Chicago Member Partner Location
AHDVS, LLC Cinnaire Lending Corporation Orland Park, IL

AK Development
Spring Bank
Milwaukee, WI

Beauty For Ashes Developers
Amalgamated Bank of Chicago
Chicago, IL

Community First MKE
Cinnaire Lending Corporation
Milwaukee, WI

Eminent Development Corporation
Lake Ridge Bank
Madison, WI

FIT Investment Group
IFF
Milwaukee, WI

Full Circle Communities, Inc.
CIBC Bank USA
Chicago, IL

Habitat for Humanity of Northern Fox Valley
Cornerstone National Bank & Trust Company
Elgin, IL

Habitat for Humanity Waukesha Jefferson Rock
Waukesha State Bank
Waukesha, WI

Hispanic Housing Development Corporation
Associated Bank, National Association
Chicago, IL

Hope Community Capital LLC
League of Wisconsin Municipalities Mutual Insurance
Madison, WI

IBT Group, LLC
Amalgamated Bank of Chicago
Chicago, IL

Illinois Housing Council
BMO Bank, National Association
Chicago, IL

Kaba-Baal LLC

Forward Community Investments, Inc.


Madison, WI

KG Development Group
Northwest Side Community Development Corporation
Milwaukee, WI

Lawndale Christian Development Corporation

First Eagle Bank


Chicago, IL
Milwaukee Community Land Trust, LTD
 Associated Bank, National Association
Milwaukee, WI
Milwaukee Development Corporation
 Spring Bank
 Milwaukee, WI
Moxie Development Collective, LLC
 Spring Bank
 Milwaukee, WI


Newcap, Inc.

Associated Bank, National Association


Green Bay, WI
Northernstar Companies LLC
 Waterstone Bank Milwaukee, WI
Northpointe Development II Corporation Bristol Morgan Bank Oshkosh, WI
Southwest Organizing Project Marquette Bank Chicago, IL
The Interfaith Housing Development Corporation of Chicago Chicago Community Loan Fund Chicago, IL
The Resurrection Project
 BMO Bank, National Association
 Chicago, IL

University of Wisconsin-Madison Department of Real Estate and Urban Land Economics

Forward Community Investments, Inc Madison, WI
Wild Rivers Habitat for Humanity, Inc
 Community Bank of Cameron Spooner, WI

Wisconsin Economic Development Corporation, Office of Rural Prosperity

Bank of Luxemburg
 Madison, WI
Federal Home Loan Bank of Chicago published this content on October 30, 2025, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on October 30, 2025 at 15:14 UTC. If you believe the information included in the content is inaccurate or outdated and requires editing or removal, please contact us at [email protected]