Eligible applicants include nonprofit and for-profit organizations providing career and talent development initiatives that support developers of affordable housing in FHLBank Chicago’s district of Illinois and Wisconsin. This may include regional and national organizations with a footprint in the district.

Examples of eligible applicants include:

• Development firms seeking to add talent to their team.
• Organizations providing programs/initiatives that support career development for individuals in the affordable housing industry.

Eligible uses for 2025 program funds:

• Fellowships/Internships: Grant funds must be used to support compensation and other eligible related costs for internships/fellowships that provide a meaningful professional experience in the affordable housing development industry. Other eligible costs may include administrative costs, training opportunities, networking events, material costs, access to technology, software, etc.

Organizations that wish to apply for the Developer Program need to complete and submit an application in partnership with an FHLBank Chicago member (a list of members in Illinois and Wisconsin can be found on our website under Membership). FHLBank Chicago has established a round limit of three applications per member. Organizations that received awards in prior program years are eligible to reapply for a 2025 grant if at least 30% of all prior awarded grant funds have been expended by the application date. If the beneficiary organization has not met the 30% threshold, it must explain why and detail a plan for expending the remaining funds. In limited circumstances, FHLBank Chicago may consider an exception to this threshold based on the explanation provided.

• Application will be posted under the Developer Program Resources section below and include two parts, application questions via a Microsoft Forms link and a PDF with support documentation.
• Microsoft Forms link will be included in the above mentioned PDF.
• PDF includes the following support documentation:
  • Budget with proposed use of funds
  • Timeline for implementation
    
• Support documentation PDF must be signed by the organization and FHLBank Chicago member institution and submitted to ci@fhlbc.com via the member.

• FHLBank Chicago will review each application to evaluate alignment with Developer Program priorities and impact objectives.
• Specific evaluation factors include:
  • Mission Nexus: The strength of the organization in meeting the Developer Program's mission and objectives.
  • Scope and Impact: The scope and impact of the strategy to support career and talent development for developers of affordable housing, including feasibility of budget, timeline, and impact metrics.
  • Organizational Capacity: The ability of the applicant to execute on their strategy considering experience, staffing, and other resources dedicated to the proposal.

Grant recipients receive disbursement of grant funds through the FHLBank Chicago member with which they partnered on the application.

• Grant recipients are required to submit an impact report post-award.
• Reporting requirements include, at a minimum, a narrative describing progress and outcomes in addition to an expense reconciliation form signed by both the grant recipient and FHLBank Chicago member.
• Intern/fellow survey(s) - Optional

• Ongoing engagement is a component of the Developer Program.
• FHLBank Chicago may engage with beneficiary organizations post-award through networking, training, and event opportunities.

For questions and technical assistance, please contact FHLBank Chicago's Community Investment team at ci@fhlbc.com.