FHLBank Chicago, Wintrust, and Community Partners Celebrate the Opening of Poupard Place, Expanding Affordable Housing Opportunities in Northbrook
The Federal Home Loan Bank of Chicago (FHLBank Chicago), Village Bank & Trust—a Wintrust Community Bank—and Housing Opportunity Development Corporation (HODC) have celebrated the grand opening of Poupard Place, a new affordable and supportive housing community in Northbrook, Illinois. The development represents another milestone in ongoing efforts to address the growing demand for affordable housing throughout the Chicago metropolitan area while providing long-term housing stability for individuals and families with diverse needs.
The newly completed four-story development features 48 affordable rental apartments designed to serve households earning up to 60 percent of the Area Median Income (AMI). In addition to expanding affordable housing options, the community provides supportive services and convenient access to transportation, healthcare, education, and other essential resources, helping residents build stable and connected lives.
The project was made possible through collaboration among financial institutions, nonprofit housing organizations, public agencies, and local government partners. A key component of the financing package was a $1 million Affordable Housing Program (AHP) grant awarded by FHLBank Chicago in partnership with Village Bank & Trust, demonstrating the continued importance of public-private partnerships in addressing housing affordability challenges.
Addressing a Growing Need for Affordable Housing
Communities across the United States continue to experience rising housing costs that place increasing pressure on working families, seniors, individuals with disabilities, and people with limited incomes.
The Chicago region has been no exception.
Growing rental costs, limited housing inventory, and increasing development expenses have made affordable housing one of the region’s most significant social and economic challenges.
Projects like Poupard Place are designed to help address this gap by creating quality housing that remains financially accessible to households that might otherwise struggle to secure stable accommodations.
Located in Northbrook, one of Chicago’s northern suburbs, the development expands affordable housing opportunities in an area where rental costs have steadily increased over recent years.
According to data from the U.S. Census Bureau’s 2024 American Community Survey Five-Year Estimates, the median monthly rent in Northbrook approaches $2,500, making affordable housing developments particularly valuable for lower-income households.
Against this backdrop, Poupard Place represents an important investment in housing accessibility and long-term community development.
A $1 Million Affordable Housing Program Grant
A critical source of financial support for the project came through FHLBank Chicago’s Affordable Housing Program.
The organization awarded a $1 million grant to support construction of the development, working in partnership with Village Bank & Trust and Housing Opportunity Development Corporation.
The Affordable Housing Program is one of FHLBank Chicago’s flagship community investment initiatives.
The program provides forgivable grants that assist with the acquisition, construction, and rehabilitation of affordable rental and owner-occupied housing throughout Illinois and Wisconsin.
These grants are distributed through member financial institutions, which collaborate with nonprofit organizations, developers, and community groups to identify housing projects addressing local needs.
Gap financing provided through AHP often serves as an essential component of affordable housing developments by helping projects overcome funding shortfalls that might otherwise delay or prevent construction.
For many developments, these grants make the difference between moving forward and remaining unrealized.
Collaboration Drives Community Investment
The completion of Poupard Place reflects the collaborative efforts of numerous organizations committed to expanding affordable housing opportunities.
Village Bank & Trust played a significant role in financing the project as part of Wintrust’s broader commitment to community development.
The development also represents an ongoing partnership between Village Bank & Trust and Housing Opportunity Development Corporation.
Poupard Place marks the fifth affordable housing development that Village Bank & Trust has helped finance in collaboration with HODC.
This continuing relationship demonstrates how sustained partnerships between financial institutions and nonprofit developers can generate long-term community impact.
Wintrust has consistently emphasized affordable housing as a strategic investment priority across the communities it serves.
During 2025, the financial institution invested approximately $340 million in affordable housing initiatives throughout its markets, supporting projects designed to increase housing availability while strengthening neighborhoods.
Expanding Housing Opportunities
Poupard Place was developed to serve a diverse population of residents.
The 48-unit community includes one-bedroom, two-bedroom, and three-bedroom apartments, allowing the property to accommodate individuals, couples, and families with varying housing needs.
Eligibility is limited to households earning up to 60 percent of Area Median Income, ensuring that the apartments remain affordable for lower-income residents.
In addition to affordable rents, the development incorporates supportive housing services coordinated by Housing Opportunity Development Corporation.
These services are intended to help residents maintain housing stability while accessing resources that promote long-term independence and improved quality of life.
Supportive housing has increasingly become an important strategy within affordable housing policy because it combines stable housing with access to social services, helping individuals and families overcome barriers related to employment, healthcare, education, or disability.
Modern Amenities Designed for Long-Term Living
Beyond affordability, Poupard Place has been designed to provide residents with a comfortable, modern living environment.
The four-story building includes several shared amenities intended to encourage community interaction while supporting everyday living.
Residents have access to a community room where activities and gatherings can be held, fostering opportunities for social engagement and neighborhood connections.
Outdoor gathering spaces further contribute to the sense of community by providing areas for recreation and informal interaction.
Individual apartments are equipped with energy-efficient appliances that help reduce utility costs while supporting environmentally responsible building practices.
The development’s location also contributes significantly to its value.
Situated near public transportation, healthcare providers, schools, and other essential community services, Poupard Place enables residents to remain connected to employment opportunities, educational institutions, medical care, and daily necessities without requiring extensive travel.
A Shared Commitment to Community Development
Village Bank & Trust emphasized that successful affordable housing projects depend on collaboration among organizations with shared goals.
Stephanie Molster, Vice President at Village Bank & Trust, noted that creating affordable housing requires strong partnerships focused on meeting community needs.
She expressed pride in the collaboration between Village Bank & Trust, FHLBank Chicago, and Housing Opportunity Development Corporation, highlighting the collective effort required to bring Poupard Place to Northbrook and expand housing opportunities for local residents.
Her comments reflect the increasingly collaborative nature of affordable housing development, where financial institutions, nonprofit organizations, government agencies, and community stakeholders each contribute specialized expertise and financial resources.
Building More Than Housing
For Housing Opportunity Development Corporation, Poupard Place represents more than simply constructing another apartment building.
Executive Director Richard Koenig emphasized that the development creates an environment where individuals and families can establish lasting roots while becoming part of a supportive community.
He described the project as a place where residents can experience stability, belonging, and the security that comes with having a permanent home.
Koenig also acknowledged the many partners whose shared commitment to housing accessibility made the project possible, reinforcing the organization’s belief that everyone deserves a welcoming and stable place to live.
These objectives align closely with HODC’s broader mission of expanding affordable housing while creating opportunities that improve residents’ overall well-being.
FHLBank Chicago’s Community Investment Mission
Affordable housing remains a major focus of FHLBank Chicago’s community investment activities.
The Affordable Housing Program continues to provide financial support for developments that increase housing availability throughout Illinois and Wisconsin.
In 2025, FHLBank Chicago awarded approximately $52 million in Affordable Housing Program grants.
Those investments supported housing initiatives benefiting more than 1,600 households across the two states.
The organization expects to announce its 2026 Affordable Housing Program grant awards later this year, continuing its long-standing commitment to expanding affordable housing opportunities.
Katie Naftzger, Senior Vice President and Community Investment Officer at FHLBank Chicago, described the Affordable Housing Program as a critical source of financing that enables projects like Poupard Place to move forward.
She noted that these investments help increase housing supply while creating new opportunities for residents and families seeking affordable places to live.
Support from Federal Representatives
The grand opening ceremony also included participation from representatives of the offices of U.S. Representative Brad Schneider and U.S. Representative Jan Schakowsky, both of whom emphasized the importance of continued investment in affordable housing.
Representative Schneider highlighted the broader significance of stable housing beyond simply providing shelter.
According to Schneider, secure housing serves as a foundation for personal independence, economic security, and long-term well-being.
He praised Poupard Place for its commitment to accessible and permanent supportive housing while expressing confidence that the development would help individuals and families establish stronger connections within the community.
Representative Schakowsky similarly emphasized that affordable housing remains one of the region’s most pressing public policy challenges.
She noted that projects such as Poupard Place demonstrate what can be achieved when public agencies, nonprofit organizations, financial institutions, and local governments work collaboratively toward shared objectives.
According to Schakowsky, expanding affordable housing opportunities strengthens both individual residents and the broader communities in which they live.
A Broad Partnership Supporting Housing Development
The successful completion of Poupard Place reflects contributions from numerous organizations working together to assemble the project’s financing and development resources.
The development partnership included Housing Opportunity Development Corporation, Wintrust Community Banks, FHLBank Chicago through its Affordable Housing Program, the Village of Northbrook, the Illinois Housing Development Authority, the Housing Authority of Cook County, National Equity Fund, and several additional public and private partners.
Each organization contributed expertise, financing, planning assistance, or other resources necessary to complete the project.
Such multi-partner collaborations have become increasingly common within affordable housing development because projects often require multiple funding sources and specialized capabilities to address rising construction costs and complex financing requirements.
The opening of Poupard Place represents another meaningful step toward expanding affordable housing opportunities in Illinois while addressing the growing need for quality, accessible housing in high-cost communities.
Through a combination of Affordable Housing Program funding, financial institution investment, nonprofit leadership, and government support, the project demonstrates how collaborative partnerships can produce lasting community benefits.
Beyond adding 48 affordable apartments, Poupard Place provides residents with supportive services, modern amenities, convenient access to essential resources, and the opportunity to establish stable, long-term homes within the Northbrook community.
As housing affordability continues to challenge communities across the country, developments like Poupard Place illustrate the important role that coordinated investment and public-private collaboration can play in creating inclusive neighborhoods and expanding opportunities for individuals and families seeking safe, affordable, and supportive places to live. With continued commitment from organizations such as FHLBank Chicago, Wintrust, Housing Opportunity Development Corporation, and their many partners, similar initiatives will remain essential to meeting the evolving housing needs of communities throughout the region.
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