Strengthening Tribal Communities Through the Community First^® Diverse Developer Initiative

Our Community First^® Diverse Developer Initiative fosters career growth for diverse real estate developers of affordable housing, who bring unique perspectives and a deep understanding of their communities' specific needs. We’re proud to support leaders like Pete King, President and CEO of King Solutions and General Manager of Oneida ESC Group Subsidiary, in advancing affordable housing development within tribal communities in our District.

"FHLBank Chicago’s programs have been pivotal in supporting tribal nations like Oneida. The Diverse Developer Initiative afforded me the opportunity to travel to remote tribal nations and communities to gain valuable training and mentorship," said Pete. 

Check out this video to hear more about Pete's story.

 

 

Community First^® Diverse Developer Initiative Awards Announced

FHLBank Chicago announced the 2024 recipients of its Community First^® Diverse Developer Initiative. 14 organizations, in partnership with 11 FHLBank Chicago members, were awarded over $3 million in grant funding. These funds will support an estimated 62 internships and fellowships for emerging developers and empower organizations with the long range mission to expand the pipeline of diverse developers in Illinois and Wisconsin. Read more about the 2024 award recipients.

 

Community First^® Accelerate Grants: Small Business Stories From Around the District

Community First^® Accelerate Grants for Small Business (“Accelerate Grants”) support the growth and development of small businesses in Illinois and Wisconsin, creating economic opportunity in our members’ communities. The 2024 Accelerate Grants funding round opened on June 3 and closed September 30. Award announcements were made on a rolling basis. Read about some of the recent impact stories across Illinois and Wisconsin.

 

Tell Your Story – We Want to Hear From You

FHLBank Chicago is collecting personal impact stories to showcase how our programs have impacted people and neighborhoods in Illinois and Wisconsin. If you have been a part of an AHP awarded project, Downpayment Plus^® Programs, Community Advances, or Community First® programs, we would love to hear about how these programs have made an impact on individuals and communities you serve. Please visit our website to share your story.

Initiatives to Advance Equitable Housing and Homeownership

This past quarter, FHLBank Chicago announced initiatives to promote more equitable housing lending and sustainable homeownership:

• Increased 2024 funding for the Community First^® Housing Counseling Resource Program to $3.5 million, partnering with IHDA and WHEDA to expand services for minority and low- and moderate-income homebuyers.
• The Low-Income Housing Tax Credit (LIHTC) Collateral Pilot Program, providing members with increased lendable value on up to $300 million in qualifying mortgage loans for LIHTC multi-family housing projects.
• Acceptance of mortgage collateral using Vantagescore 4.0, promoting lending to creditworthy homebuyers historically excluded from conventional credit models.

New MPF^® Conventional Housing Impact Pricing Grids to support low- and very low-income households with improved pricing for loans to borrowers with income at or below 80% of area median income (AMI). 

 

Upcoming Events

October 17 – 18 | Housing Action Illinois | Annual Housing Matters Conference

October 21 – 24 | Opportunity Finance Network | OFN40

October 24 |  Wisconsin Council for Affordable and Rural Housing (WI-CARH) | 25th Annual Meeting & Conference

October 30 | Women’s Affordable Housing Network | Women in Leadership

November 7 - 8 | Wisconsin Indigenous Economic Development Corp | 1st Annual Conference

November 18 - 19 | WHEDA | WHEDA Conference 2024

November 19 - 20 | Great Lake Indian Housing Association | GLIHA meeting