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As part of its leadership in advancing affordable housing, the Federal Home Loan Bank of Chicago (FHLBank Chicago), in partnership with member financial institution BMO, has awarded $440,000 through its Community First® Developer Program (Developer Program) to two nonprofit organizations in Illinois in 2025. The investment reflects FHLBank Chicago’s long-term strategy to strengthen the affordable housing development ecosystem by expanding the pipeline of skilled professionals. The awards come as demand for affordable housing continues to grow across the Midwest, while the number of experienced development professionals remains limited. The funding will support internships and fellowships that prepare the next generation of professionals to advance affordable housing development.
“Expanding access to affordable housing requires leadership and sustained investment in the people who make development possible,” said Katie Naftzger, Senior Vice President and Community Investment Officer at FHLBank Chicago. “Through the Developer Program, we are building the capacity of organizations and emerging professionals who will lead affordable housing development across our district for years to come.”
The Illinois Housing Council and The Resurrection Project received funding through BMO to support internships and fellowships across real estate development, construction, and housing program delivery. Participants will gain hands-on experience supporting active affordable housing initiatives across Chicago neighborhoods, with exposure to project planning, financial modeling, community engagement and development operations. The investment reflects FHLBank Chicago’s broader effort to strengthen the pipeline of professionals needed to support long-term affordable housing development across its district.
BMO has accessed many of FHLBank Chicago’s Community Investment programs and uses secured loans, known as advances, to provide liquidity for community lending that supports housing and economic development.
A leader in affordable housing finance and capacity building, FHLBank Chicago has awarded more than $12 million through the Developer Program since 2022 to support career pathways and long-term affordable housing development across its district. Introduced 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 partnerships with member institutions. The 2026 Developer Program will open for applications on June 29.