For a second year, the Community First Diverse Developer Initiative (Diverse Developer Initiative) will provide grant funds to support career development initiatives for diverse developers of affordable housing in Illinois and Wisconsin. This program, which was launched in 2022, grew out of discussions with FHLBank Chicago’s Community Investment Advisory Council, a group of industry leaders in Illinois and Wisconsin that informs FHLBank Chicago’s affordable housing and community lending strategy. In 2022, FHLBank Chicago awarded $1.3M of the $3M commitment to this program.
“The Federal Home Loan Bank of Chicago Community First Diverse Developer Initiative is a grant that aligned with our team’s specific needs as well as our goal to support diversity amongst developers. The initiative provides diverse developer organizations with funds to support internships and skills training to help break down systemic barriers and open the door for more developers,” said Rafael Garcia, Founder, Community First MKE.
Eligible beneficiary organizations include, but are not limited to: diverse development firms seeking to add diverse talent to their teams and programs/initiatives that support career development for diverse individuals in the affordable housing industry. In 2023, there will be one eligible track of internships/fellowships – grant funds must be used to support compensation for internships/fellowships that provide meaningful professional experience in the affordable housing development industry. The competitive application round for the Diverse Developer Initiative will open Monday, June 26, and close on Friday, July 14.