To strengthen the pipeline of diverse real estate developers in Illinois and Wisconsin, the Federal Home Loan Bank of Chicago (FHLBank Chicago) has awarded over $3 million through its 2024 Community First® Diverse Developer Initiative. This funding will support 62 fellowships and internships across 14 organizations, bringing FHLBank Chicago’s total commitment for the three-year program to $6.4 million. The initiative aims to foster new talent in affordable housing, leveraging the unique perspectives and community knowledge of diverse developers.
“By investing in programs like the Diverse Developer Initiative, we are building a strong talent pipeline of housing leaders across Illinois and Wisconsin,” said Katie Naftzger, Senior Vice President, Community Investment Officer at FHLBank Chicago. “These leaders are essential in addressing the challenges faced by underrepresented populations in our communities.”
Research from the Urban Institute underscores the importance of diverse developers in addressing the country’s housing affordability crisis. “When diverse perspectives are integrated into housing development, we see innovative solutions that resonate with the community,” said Jorge González-Hermoso, Research Associate at the Urban Institute. He highlighted that in Chicago, only 17 percent of large multifamily developers are led by people of color, emphasizing the need to empower diverse developers to foster equitable growth in neighborhoods.
One of the grant recipients, Eminent Development Corporation in Madison, Wisconsin, in partnership with FHLBank Chicago member Lake Ridge Bank, will use $250,000 to support internships and fellowships. These programs will provide participants with hands-on experience in areas such as tax credit applications, site acquisition, and project budgeting, equipping them with the skills needed to thrive in the affordable housing sector.
Julian Walters, President of Eminent Development Corporation, said, “These funds allow us to provide meaningful opportunities for future developers. We are committed to creating pathways for diverse talent to enter and thrive in the affordable housing sector.”
Launched in 2022, the Community First® Diverse Developer Initiative is a three-year commitment aimed at supporting the needs of diverse developers in affordable housing. The program was developed with input from FHLBank Chicago’s Community Investment Advisory Council, a group of industry leaders in Illinois and Wisconsin who help shape the bank’s affordable housing and community lending strategy.
To view the full list of 2024 grant recipients, visit the FHLBank Chicago website.
