FHLBank Chicago and WHEDA Strengthen Homeownership Support for Waukesha-Area Families Through Housing Counseling Grant
The Federal Home Loan Bank of Chicago (FHLBank Chicago) and the Wisconsin Housing and Economic Development Authority (WHEDA) are expanding efforts to help Wisconsin residents prepare for sustainable homeownership through a new round of housing counseling grants.
The organizations recently gathered in Waukesha, Wisconsin, to recognize La Casa de Esperanza, one of 14 Wisconsin organizations receiving funding through FHLBank Chicago’s Community First® Housing Counseling Resource Program (HCRP). The program is designed to strengthen housing counseling services and provide individuals and families with the financial education, preparation and guidance needed to successfully navigate the homebuying process.
Funded by FHLBank Chicago and administered by WHEDA in Wisconsin, the grants are intended to increase access to trusted housing counseling services while helping prospective homeowners become better prepared for mortgage financing and long-term homeownership.
For many households, purchasing a home involves much more than finding an affordable property. Prospective buyers often need assistance understanding credit requirements, managing household finances, saving for upfront costs, evaluating mortgage options and navigating the various stages of a real estate transaction.
Housing counseling agencies can provide this support before consumers enter the mortgage market, helping them make informed decisions and address potential financial obstacles early in the process.
Expanding Access to Housing Counseling
The Community First Housing Counseling Resource Program was created to strengthen the capacity of HUD-certified housing counseling agencies across Illinois and Wisconsin.
Through the program, FHLBank Chicago works with state housing agencies to provide resources that enable local organizations to expand and improve their counseling services. In Wisconsin, the program is administered in partnership with WHEDA, while the Illinois Housing Development Authority (IHDA) administers the program in Illinois.
The initiative supports a broad range of housing counseling activities, including financial education, credit preparation, homebuyer education and individualized assistance for people who are preparing to purchase a home.
The program also provides benefits to current homeowners who may require guidance to maintain sustainable homeownership.
By supporting organizations that operate within local communities, FHLBank Chicago and its partners aim to make housing counseling more accessible to households that may otherwise face challenges navigating the complex homeownership process.
Helping Families Prepare for Sustainable Homeownership
Homeownership can provide families with long-term financial stability and the opportunity to build household wealth. However, becoming a homeowner also represents a significant financial commitment.
Potential homeowners must often manage expenses associated with down payments, closing costs, property taxes, insurance, maintenance and mortgage payments. Credit history and income stability can also influence access to mortgage financing.
Housing counseling can help prospective buyers understand these responsibilities before purchasing a property.
Counselors can work with individuals to assess their financial situation, develop budgets, improve credit profiles, understand mortgage requirements and identify available assistance programs.
This preparation can help reduce uncertainty and give prospective buyers greater confidence when they eventually enter the housing market.
The HCRP is intended to strengthen this process by providing housing counseling agencies with resources to serve more households and enhance their ability to deliver personalized services.
Significant Reach Since 2022
Since its launch in 2022, the Housing Counseling Resource Program has developed a substantial track record across Illinois and Wisconsin.
Through the end of 2025, the program had awarded $13 million to strengthen housing counseling services throughout the two states.
Agencies supported through the initiative provided housing counseling services to more than 105,000 households during that period. Nearly 9,000 of those households went on to achieve homeownership.
In 2025 alone, the program supported 44 HUD-certified housing counseling agencies across Illinois and Wisconsin.
These figures demonstrate the potential impact of investing in organizations that provide direct, community-based housing assistance. Rather than focusing solely on financial support at the point of purchase, the program emphasizes preparation and education earlier in the homebuying journey.
This approach can help prospective homeowners better understand their financial options and make decisions that are sustainable over the long term.
La Casa de Esperanza Receives Support
La Casa de Esperanza is one of the Wisconsin organizations benefiting from the latest round of HCRP funding.
Based in the Waukesha area, the organization provides services intended to support individuals and families in the community. The new funding will be used to strengthen its housing counseling activities and expand the support available to prospective homeowners.
For households navigating the homebuying process, having access to a counselor who understands local circumstances can be especially valuable.
Housing counselors can help consumers identify the steps they need to take before applying for a mortgage and provide guidance throughout the process. This personalized support can be particularly important for first-time homebuyers who may have limited experience with mortgage financing and real estate transactions.
Gina M. Sanchez Juarez, Center for Financial Stability Director at La Casa de Esperanza, said the funding would help the organization strengthen its housing counseling services and meet individuals and families at different stages of their homeownership journey.
“This funding helps us strengthen the housing counseling services we provide and meet individuals and families wherever they are on their path to homeownership,” Sanchez Juarez said.
She added that the support would allow the organization to continue providing personalized guidance and resources that help families prepare financially and make informed decisions about their futures.
Connecting Counseling With Mortgage Readiness
One of the important objectives of the HCRP is to create a stronger connection between housing counseling and mortgage readiness.
For financial institutions and mortgage lenders, prospective borrowers who have completed financial education and counseling may be better prepared to pursue financing.
FHLBank Chicago’s member institutions can benefit from a stronger pipeline of potential mortgage applicants who have received guidance on credit, budgeting and homebuyer requirements.
The program therefore creates benefits on both sides of the housing market.
For consumers, counseling can provide the knowledge and preparation needed to move toward homeownership. For lenders, a stronger pipeline of financially prepared applicants can support the mortgage lending process.
This model is consistent with FHLBank Chicago’s broader community investment strategy, which seeks to expand access to housing while working through its network of member financial institutions and community organizations.
FHLBank Chicago’s Community Investment Approach
The Housing Counseling Resource Program forms part of FHLBank Chicago’s broader approach to supporting housing and community development.
As a member-owned cooperative, FHLBank Chicago works with financial institution members to provide funding and other resources that support housing-related initiatives and community investment.
Housing counseling is an important component of this approach because it addresses challenges that can arise before a household reaches the mortgage application stage.
Providing education and individualized guidance can help prospective homeowners understand the financial implications of buying a home and identify steps they can take to improve their readiness.
Katie Naftzger, Senior Vice President and Community Investment Officer at FHLBank Chicago, emphasized that affordability is only one component of successful homeownership.
“Successful homeownership requires more than overcoming affordability barriers. It also requires preparation, trusted guidance and local organizations that can meet families where they are,” Naftzger said.
She added that FHLBank Chicago is proud to support organizations such as La Casa de Esperanza through its partnerships with WHEDA and IHDA.
According to Naftzger, the program is intended to help more Wisconsin families take informed and confident steps toward homeownership.
WHEDA’s Role in Wisconsin
WHEDA plays a central role in administering the housing counseling grant program in Wisconsin.
The agency brings established relationships and housing expertise across the state, while local housing counseling organizations provide direct services within their communities.
This combination allows the program to connect statewide resources with local knowledge.
Elmer Moore Jr., CEO and Executive Director of WHEDA, highlighted the importance of this network in helping Wisconsin families navigate the homeownership process.
“WHEDA brings deep expertise and relationships across Wisconsin, while housing counseling agencies provide trusted and personal guidance directly in the communities they serve,” Moore said.
He added that the grants strengthen this network and help more Wisconsin families navigate the path toward successful homeownership with greater confidence.
The partnership between FHLBank Chicago, WHEDA and local counseling organizations demonstrates the role that collaboration can play in addressing housing challenges.
A Real-World Example of the Program’s Impact
The potential impact of housing counseling is illustrated by the experience of Julia Castillo, a Waukesha-area homebuyer who received counseling through La Casa de Esperanza while preparing to purchase a home.
Castillo, a single mother of three, also received a $10,000 Downpayment Plus® grant from FHLBank Chicago through its member Waukesha State Bank in Waukesha County.
The grant helped support her down payment and closing costs, while housing counseling provided the education and guidance she needed to navigate the purchase process.
For many prospective buyers, upfront expenses such as down payments and closing costs can represent significant barriers to purchasing a home. Financial assistance programs can reduce those barriers, but buyers may still need education and guidance to understand the broader financial commitment involved in homeownership.
Castillo said housing counseling gave her the information and guidance she needed to feel prepared.
“Housing counseling gave me the guidance and information I needed to feel prepared for homeownership,” Castillo said.
She also noted that having someone available to answer questions and explain each stage of the process made the homebuying experience more manageable.
Her experience demonstrates how financial assistance and housing counseling can work together. While a down payment grant can help address an immediate financial obstacle, counseling can help consumers develop the knowledge needed to make informed decisions throughout the transaction.
Combining Education With Financial Assistance
The combination of housing counseling and direct financial assistance is an important element of FHLBank Chicago’s housing strategy.
Programs such as Downpayment Plus can help eligible homebuyers address down payment and closing-cost requirements. Housing counseling, meanwhile, can provide preparation before and during the homebuying process.
Together, these resources can create a more comprehensive pathway toward homeownership.
For a prospective homeowner, the process may begin with financial education and credit preparation. Once the household is financially prepared, counseling can help identify available mortgage and assistance options. Down payment or closing-cost assistance can then help address some of the financial barriers associated with the purchase.
This integrated approach can help households move from preparation to financing and ultimately to sustainable homeownership.
Importance of Local Organizations
Community-based housing counseling agencies play a critical role because they are often closely connected to the populations they serve.
Local organizations can provide services tailored to the needs of their communities and help consumers navigate complex financial and housing systems.
For organizations such as La Casa de Esperanza, additional resources can increase their ability to provide personalized assistance to more families.
This local approach is particularly important in housing markets where consumers may face different affordability, credit and financing challenges.
By supporting HUD-certified counseling organizations, the HCRP seeks to ensure that consumers have access to trained professionals who can provide reliable information and guidance.
The continued investment in housing counseling reflects the growing recognition that successful homeownership requires both financial resources and preparation.
As households navigate changing housing costs, mortgage conditions and other financial considerations, access to trusted counseling can become increasingly valuable.
FHLBank Chicago’s partnership with WHEDA in Wisconsin and IHDA in Illinois provides a framework for directing resources toward organizations that work directly with prospective and current homeowners.
For Waukesha-area families, the support provided to La Casa de Esperanza is expected to strengthen access to housing counseling and help more individuals prepare for the responsibilities associated with homeownership.
The broader results of the program since 2022 demonstrate its reach, with $13 million in grants supporting housing counseling agencies, services reaching more than 105,000 households and nearly 9,000 households achieving homeownership through the end of 2025.
The latest grants continue that effort by investing in organizations that provide education, financial preparation and individualized support.
Ultimately, the partnership between FHLBank Chicago and WHEDA highlights a broader strategy for expanding homeownership opportunities: address financial barriers while also ensuring that prospective buyers have access to the knowledge and guidance necessary to make sustainable decisions.
For organizations such as La Casa de Esperanza, the new funding provides additional resources to continue that work in the Waukesha community. For families, it can mean greater access to trusted counseling, stronger financial preparation and a clearer path toward achieving the goal of homeownership.
Source link: https://www.businesswire.com
