Last Friday, FHLBank Chicago announced three new programs designed to address critical affordable housing and community economic development needs in Illinois and Wisconsin. Read more about our three-year, $11.25 million commitment.
The first of the three new program offerings opens today. The Community First® Diverse Developer Initiative supports career and talent development initiatives for diverse developers of affordable housing in FHLBank Chicago’s district of Illinois and Wisconsin. Our definition of “diverse” refers to any population experiencing inequitable, systemic barriers to entry or career development in the affordable housing industry. We have intentionally kept this definition broad because we know it is market-specific across the varied communities we serve.
- Nonprofit and for-profit organizations, in partnership with an FHLBank Chicago member institution, can apply for grant funding in one of three tracks:
- Track 1: Fellowships/Internships – Grants to support compensation for fellowships/internships that offer diverse developers with meaningful opportunities for on-the-job learning and professional exposure.
- Track 2: Training – Grants to support skills training for diverse developers to expand their expertise. Eligible training can include either sessions conducted in-house, or scholarships to attend training courses.
- Track 3: Mission-Driven Investments – Grants to support programming by organizations/initiatives whose long-range mission is to further the development and/or expand the pipeline of diverse developers of affordable housing.
- The target grant amount is $50,000 to $250,000 per beneficiary organization. Requests for other grant amounts will be considered on a case-by-case basis.
- The application and supporting documentation must be submitted to firstname.lastname@example.org by May 13, 2022.
There are many resources available to help complete an application.
For questions and technical assistance, please contact the Community Investment at email@example.com or 312.565.5824.