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The Federal Home Loan Bank of Chicago, in partnership with member Spring Bank, Brookfield Wis., last week presented two Community First® Developer Program (Developer Program) awards to Milwaukee-based developers AK Development and Milwaukee Development Corporation. The awards support paid internships and fellowships that build hands-on experience for emerging professionals advancing affordable housing across Wisconsin.
Since launching the Developer Program in 2022, FHLBank Chicago has awarded $12 million to strengthen career pathways and expand long-term affordable housing development across its district.
“Expanding the supply of affordable housing requires more than financing—it requires skilled developers who can move projects from vision to completion,” said Katie Naftzger, Senior Vice President and Community Investment Officer at FHLBank Chicago. “Through partnerships with members like Spring Bank, we are investing in the next generation of affordable housing professionals across Illinois and Wisconsin.”
AK Development received a $250,000 grant through Spring Bank to support three paid interns who will gain exposure to the full development lifecycle, including predevelopment planning, financing coordination, construction oversight and community engagement. Interns will contribute to projects across Milwaukee, including mixed-income redevelopment initiatives, workforce housing communities, transit-oriented development along the MLK corridor, and historic revitalization efforts that integrate tax credit financing and community partnerships.
“This investment allows us to deepen our impact on two levels”, said Ariam Kesete, Founder of AK Development. “We’re advancing critical housing projects while creating structured, real-world learning opportunities that build confidence, expertise, and leadership capacity within the affordable housing field.”
Photo Caption: AK Development, Milwaukee Development Corporation, FHLBank Chicago and Spring Bank celebrate Community First® Developer Program awards supporting career development for emerging developers of affordable housing.
Milwaukee Development Corporation received a $250,000 grant through Spring Bank to support four development fellows gaining experience across multiple phases of real estate development. Fellows will participate in underwriting and financing, predevelopment due diligence, construction coordination and redevelopment initiatives, including the transformation of a former hospital into senior housing and additional workforce housing efforts supporting neighborhood revitalization.
“This funding expands our capacity while mentoring the next generation of developers through active projects,” said Pat O’Brien of Milwaukee Development Corporation. “Hands-on experience in real projects builds the skills needed to strengthen Milwaukee neighborhoods over time.”
Spring Bank has accessed many of FHLBank Chicago’s Community Investment programs and uses secured loans, known as advances, to provide reliable liquidity for community lending that supports housing and economic development across Milwaukee.
“At Spring Bank, our partnership with FHLBank Chicago helps us respond to local needs with consistency and focus,” said Heather Nelson, President and CEO of Spring Bank. “The Developer Program allows us to invest in emerging leaders while supporting projects that will benefit Milwaukee neighborhoods for years to come.”
Introduced in 2022 at the recommendation of FHLBank Chicago’s Community Investment Advisory Council, the Developer Program reflects FHLBank Chicago’s ongoing commitment to supporting affordable housing development through strategic partnerships with member institutions.