Eligible applicants include nonprofit and for-profit organizations providing career and talent development initiatives that support diverse 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 organizations include:

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

Eligible uses for 2024 program funds:

• Fellowships/Internships: Grant funds must be used to support compensation for internships/fellowships that provide meaningful professional experience in affordable housing development industry.

Organizations that wish to apply for the Diverse Developer Initiative 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). Applicants must also submit supporting documentation as detailed in the application.

• FHLBank Chicago will holistically review each application to determine which applicants best meet the objectives of the Diverse Developer Initiative.
• Specific evaluation factors include:
  • Mission Nexus: The strength of the organization in meeting its mission and objectives.
  • Scope and Impact: The scope and impact of the strategy to support career and talent development for diverse 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.
• FHLBank Chicago also seeks to balance awards by diversity of member institutions and geographies served in Illinois and Wisconsin.

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 impact reports post-award.
• Reporting requirements include, at a minimum, a narrative describing progress and outcomes in addition to an updated budget detailing uses.

• Ongoing engagement is a critical component of the Diverse Developer Initiative.
• FHLBank Chicago will engage with individual end beneficiaries post-award through networking, training, and event opportunities.

For questions and technical assistance, please contact Community Investment at ci@fhlbc.com.