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Federal Home Loan Bank of Chicago (FHLBank Chicago) and Village Bank & Trust, a Wintrust Community Bank, celebrated the opening of Poupard Place, a new 48-unit affordable and supportive housing development in Northbrook, Illinois, supported by a $1 million Affordable Housing Program (AHP) grant.
The development expands housing options for individuals and families, including those with disabilities, in Chicago’s northern suburbs.
The $1 million AHP grant was awarded by FHLBank Chicago in partnership with Wintrust’s Village Bank & Trust and Housing Opportunity Development Corporation (HODC) to support construction of the development and expand access to affordable housing.
Village Bank & Trust’s investment in Poupard Place is part of Wintrust’s ongoing commitment to supporting affordable housing and community development initiatives. Poupard Place is the fifth affordable housing development that Village Bank & Trust has helped finance for the Housing Opportunity Development Corporation. In 2025, Wintrust invested $340 million in affordable housing across the markets it serves.
"Creating affordable housing requires strong partnerships and a shared commitment to meeting community needs," said Stephanie Molster, Vice President at Village Bank & Trust. "We're proud to work alongside FHLBank Chicago and HODC to bring Poupard Place to Northbrook and expand housing opportunities for local residents."
Poupard Place is a four-story development featuring 48 affordable rental apartments for households earning up to 60% of area median income (AMI). The property offers supportive services coordinated by HODC and offers a mix of one-, two- and three-bedroom apartments. Amenities include a community room, outdoor gathering spaces, and energy-efficient appliances. Located near transit, healthcare, school and other services, the development helps residents stay connected to essential resources.
"Poupard Place is where people can put down roots, build community, and feel at home," said Richard Koenig, Executive Director of Housing Opportunity Development Corporation. "Today we celebrate the families and individuals who will call this building home, and we are proud to have partners who share our belief that everyone deserves a stable, welcoming place to call their own."
AHP grants support the acquisition, construction and rehabilitation of affordable rental or owner-occupied housing. Delivered in partnership with FHLBank Chicago, member financial institutions such as Wintrust Community Banks, and local housing organizations, these forgivable grants help expand housing supply across Illinois and Wisconsin.
In 2025, FHLBank Chicago awarded $52 million in AHP grants to support housing initiatives serving more than 1,600 households across Illinois and Wisconsin. The 2026 AHP grant awards will be announced this fall.
"AHP provides critical gap financing that helps developments move forward," said Katie Naftzger, SVP and Community Investment Officer at FHLBank Chicago. "Investments in projects like Poupard Place expand affordable housing supply and create new opportunities for residents and families."
Representatives from the offices of Rep. Brad Schneider (D-Ill.) and Rep. Jan Schakowsky (D-Ill.) participated in the grand opening and highlighted the importance of continued investment in affordable housing and the partnerships that help expand housing opportunities throughout the region.
“Stable housing is about more than having a roof over your head. It provides a foundation for independence and long-term security. Poupard Place in Northbrook embodies that promise through its commitment to accessible, permanent supportive housing,” said Rep. Schneider. “I am proud to have this wonderful development in the 10th District and look forward to seeing it help individuals and families achieve the sense of belonging that comes with having a place to call their own.”
According to data from the U.S. Census Bureau’s 2024 American Community Survey 5-Year Estimates, the Village of Northbrook has a median rent cost of almost $2,500 making developments such as these ever more important. "Affordable housing remains one of the most pressing challenges facing communities across our region," said Rep. Schakowsky. "Poupard Place demonstrates what can be accomplished when organizations come together to create housing opportunities that support residents and strengthen communities."
Poupard Place was developed through a partnership between Housing Opportunity Development Corporation, Wintrust Community Banks, FHLBank Chicago's Affordable Housing Program, the Village of Northbrook, the Illinois Housing Development Authority, the Housing Authority of Cook County, National Equity Fund and other partners.
Learn more about FHLBank Chicago’s AHP Program at fhlbc.com/AHP.