FHLBank Chicago Awards $3 Million for Diverse Developer Initiative to Empower Emerging Leaders in Affordable Housing
CHICAGO–(BUSINESS WIRE)–To grow the diverse real estate developer talent pipeline in Illinois and Wisconsin, the Federal Home Loan Bank of Chicago (FHLBank Chicago) has awarded over $3 million through its 2024 Community First® Diverse Developer Initiative to support 62 fellowships and internships across 14 organizations. This funding brings FHLBank Chicago’s overall commitment for the three-year program to $6.4 million to support new talent in affordable housing who provide essential community knowledge and valued perspectives.
“By investing in programs like the Diverse Developer Initiative, we are building a strong talent pipeline of housing leaders across Illinois and Wisconsin,” said Katie Naftzger, Senior Vice President, Community Investment Officer, FHLBank Chicago. “These leaders are essential in addressing the challenges faced by underrepresented populations in our communities.”
The importance of diverse developers in the housing industry cannot be overstated. According to research from the Urban Institute, developing enough new and rehabilitated housing units to meet the country’s affordability crisis demands participation by all housing developers.
“When diverse perspectives are integrated into housing development, we see innovative solutions that resonate with the community,” said Jorge González-Hermoso, research associate, Urban Institute. “In recent research, examining housing developer trends in Chicago, we found that only 17 percent of large multifamily developers are led by people of color. This is concerning when we know that empowering diverse developers enriches the housing landscape and fosters equitable growth in our neighborhoods.”
One recipient of a 2024 Diverse Developer Initiative grant is Eminent Development Corporation, based in Madison, Wisconsin. In partnership with FHLBank Chicago member Lake Ridge Bank, they will use $250,000 in grant funding to support internships and fellowships aimed at providing real-world experience in areas like tax credit applications, site acquisition, and project budgeting, equipping participants with the skills needed to succeed in the industry.
“These funds allow us to provide meaningful opportunities for future developers,” said Julian Walters, President of Eminent Development Corporation. “We are committed to creating pathways for diverse talent to enter and thrive in the affordable housing sector.”
The Community First® Diverse Developer Initiative was launched in 2022 as a three-year commitment to support the various needs of diverse developers in affordable housing. The program’s creation was driven by FHLBank Chicago’s Community Investment Advisory Council, a group of industry leaders in Illinois and Wisconsin that informs FHLBank Chicago’s strategy for affordable housing and community lending. View the full list of 2024 Diverse Developer Initiative grant awardees.
| Grant Recipient Organization | FHLBank Chicago Member Partner | Planned Career Development Support | Location |
| AK Development | Spring Bank | AK Development will support a transformative 16-month internship program aimed at providing hands-on experience for aspiring real estate professionals. | Milwaukee, WI |
| | | CFMKE will further its efforts in mentoring graduates of the Associates in Commercial Real Estate program and supporting minority developers, ensuring sustainable growth for both neighborhoods and emerging leaders in affordable housing. | |
| | | DL3 will expand its efforts in the Chicago Emerging Minority Developer Initiative, supporting the career development of diverse professionals who are committed to building wealth and revitalizing disinvested communities. | |
| | | This grant will fund internships and fellowships that offer aspiring developers the chance to engage in real estate projects that uplift communities and foster long-term economic growth. | |
| | | HHDC will continue its mentorship program, providing interns with valuable experience in affordable housing development, ensuring that the next generation of leaders is equipped to meet the needs of their communities. | |
| | | IBT will fund a fellowship for a diverse professional who will gain hands-on experience in developing affordable housing and commercial spaces, helping bridge the gap in opportunities for underrepresented groups. | |
| | | This grant will support the Emerging Leaders Internship program, providing critical financial resources to minority-owned or nonprofit development companies across Illinois, helping build a more inclusive industry. | |
| | | KG Development will implement mentorship programs, workshops, and advisory support to empower diverse developers, providing them with the tools to succeed in the affordable housing industry. | |
| | | This grant will fund fellowships and internships focused on building capacity within Native American communities, ensuring that future generations of developers have the knowledge and resources to address critical housing needs. | |
| | | MLKEDC will support the career development of two diverse professionals, allowing them to gain comprehensive experience in real estate development while strengthening the MLK Village. | |
| | | MDC will expand its fellowship program, supporting developers working on single-family homes and multi-family mixed-use projects in underserved Milwaukee neighborhoods, contributing to economic growth and community development. | |
| | | Northpointe will fund two fellowships and an internship, providing aspiring developers with hands-on experience and exposure to all facets of the affordable housing industry. | |
| | | This grant will expand internship and fellowship programs, providing underrepresented professionals with the training and mentorship needed to excel in affordable housing development, creating a lasting impact in their communities. | |
| | | This grant will fund two fellowships focused on real estate development and community organizing, providing invaluable experience to individuals committed to advancing racial equity and economic justice. | |
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.
“Community First” is a registered trademark of the Federal Home Loan Bank of Chicago.
Contacts
Casey Reidy, 312.565.5291 [email protected]
