The Federal Home Loan Bank of Chicago (FHLBank Chicago) today opened its application for the 2024 Community First^® Diverse Developer Initiative (Diverse Developer Initiative). Now in its third year, the initiative provides nonprofit and for-profit organizations grants to help Illinois and Wisconsin emerging developers gain access to career development opportunities to advance affordable housing.

This year, FHLBank Chicago will award up to $2 million to qualifying organizations, bringing its overall commitment for the three-year program to over $5 million, with grant amounts ranging from $50,000 to $250,000 per beneficiary organization. Applications are open now through Friday, September 13.

“FHLBank Chicago is committed to ensuring diversity in the affordable housing development career field,” said Katie Naftzger, Senior Vice President, Community Investment Officer, FHLBank Chicago. “With the help of our member institutions, we are proud to support and provide resources to diverse developers so they can better champion the unique housing needs in their communities in Illinois and Wisconsin.”

Last year, FHLBank Chicago awarded nearly $2 million to fund over 30 fellowships and internships across 10 beneficiary organizations, including the Illinois Housing Council.

“Our Emerging Leaders Internship (ELI) program aims to attract new talent to the industry and develop a diverse pipeline of affordable housing professionals,” said Allison Clements, Executive Director, the Illinois Housing Council. “The Diverse Developer Initiative grant from FHLBank Chicago provided invaluable support to our program and helped us invest more in the future leaders of affordable housing.”

The Illinois Housing Council's 2024 Emerging Leaders Internship Program cohort attending property tours of affordable housing developments in Chicago.

Launched in 2022, the Diverse Developer Initiative reflects FHLBank Chicago’s commitment to addressing the needs of diverse affordable housing developers. 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.

Eligible beneficiary organizations include nonprofit and for-profit organizations seeking to add talent to their teams as well as programs and initiatives that support career development for diverse individuals in the affordable housing industry.

For additional information about the Diverse Developer Initiative and the application process, please visit our Community First^® Diverse Developer Initiative webpage.