Developer Program (FHLBC)

Developer Program (FHLBC) is sponsored by Federal Home Loan Bank of Chicago (FHLBC). Provides nonprofit and for-profit organizations with grant funds to support career development for emerging developers of affordable housing.

Developer Program | FHLBC Community First® Developer Program The Developer Program provides nonprofit, for-profit, and quasi-governmental organizations grant funds to train and support aspiring developers of affordable housing in FHLBank Chicago’s district of Illinois and Wisconsin.

Through our member institutions, we offer grants to help qualifying organizations provide valuable professional opportunities to new talent, further their affordable housing mission, and create housing in the District. These grants are an opportunity for our members to establish and strengthen partnerships with organizations supporting affordable housing development in their communities. Our 2026 Developer Program closed July 31, 2026.

Awards are anticipated to be announced mid-October. Developer Program Overview and Requirements Eligible applicants include nonprofit, for-profit, and quasi-governmental organizations that train and support aspiring developers of affordable housing in FHLBank Chicago’s district of Illinois and Wisconsin. This may include regional and national organizations with a footprint in the district.

Examples of eligible applicants include, but are not limited to: Development firms seeking to add talent to their team. Organizations providing programs/initiatives that support career development to bring individuals into the affordable housing industry.

Eligible uses for 2026 program funds: Fellowships/Internships: Grant funds must be used to support compensation and other eligible related costs for internships/fellowships that provide a meaningful, practical, and professional experience in the affordable housing development industry.

Other eligible costs may include administrative costs, training opportunities, networking events, material costs, access to technology, software, etc. New in 2026: Onboarded individuals should be new to the organization or new to the affordable housing industry.

Ineligible Uses of Funds: Funds directed towards the use of external consultants for the organization, extensive travel, office space rent/purchase, tuition/academic reimbursement, etc. are not permitted. This list is not exhaustive. If you have specific questions, please reach out prior to submitting an application.

FHLBank Chicago will review each application to evaluate alignment with Developer Program priorities and impact objectives. Specific evaluation factors include: Program Alignment: The strength of the application in meeting the Developer Program's priorities and objectives.

Internship/Fellowship Design Quality: How well the application describes activities which contribute to a high-quality learning experience for the intern(s)/fellow(s). Organizational Capacity & Experience: The ability of the applicant to execute its application proposal considering the experience, staffing, and resources dedicated to housing development and the intern(s)/fellow(s).

Impact & Member Nexus: The extent to which the application describes the impact that grant funds will have on affordable housing development, and engagement with FHLBank Chicago. Note: The evaluation process considers prior award history—particularly for organizations awarded in both 2024 and 2025—as well as organizational structure, including for-profit status.

Additionally, geography of intern/fellow placement will be considered to ensure broad coverage across the District. Upon execution of the Community First Developer Program Agreement, FHLBank Chicago will disburse awarded grant funds to the FHLBank Chicago member through the member’s Daily Investment Deposit (DID) account.

Beneficiary Organizations are responsible for requesting the disbursement of awarded grant funds from the FHLBank Chicago member with which they partnered on the application. Beneficiary Organizations can incur expenses and request disbursement between November 1, 2026 and May 15, 2028. Beneficiary Organizations are required to submit reports after the conclusion of the grant award term, by May 31, 2028.

Reporting requirements include: Impact reporting – information and narrative describing progress and outcomes resulting from the grant Expense reconciliation – reporting on the use of grant funds toward eligible expenses Intern/fellow survey(s) - Optional Documentation Requests – in addition to the impact reporting and expense reconciliation, the Bank may request supporting documentation from Members and/or Beneficiary Organizations to substantiate all eligible expenses funded under the Developer Program.

Such documentation may include, but is not limited to, invoices, receipts, and confirmations of payment. All Beneficiary Organizations are required to retain all records sufficient to demonstrate compliance with Program requirements. Ongoing engagement is a component of the Developer Program.

FHLBank Chicago may engage with beneficiary organizations post-award through networking, training, and event opportunities. All individuals and organizations who engage with the Developer Program acknowledge and agree to comply with the Bank’s Respectful Workplace Conduct Standards . For questions and technical assistance, please contact FHLBank Chicago's Community Investment team at ci@fhlbc.

com . Developer Program Resources 2026 Developer Program Product Sheet 2026 Developer Program Overview Guidelines 2026 Developer Program Webinar Investing in the Next Generation of Housing Leaders Launched by the Illinois Housing Council (IHC) in 2023, the Emerging Leaders Internship (ELI) Program introduces college students and young professionals to careers in affordable housing.

Supported by FHLBank Chicago’s Community First Developer Program and BMO Bank, the 12-week paid internship places participants with IHC member organizations for hands-on experience. With several interns already placed in full-time roles—the program is helping shape the next generation of housing professionals across Illinois.

What Our Members Are Saying "This funding allows us to invest in future affordable housing leaders while expanding our capacity to serve communities today. By providing real-world development experience, the Developer Program strengthens both our workforce and our ability to advance affordable housing projects."

Founder and CEO, AK Development, LLC “At Spring Bank, our partnership with FHLBank Chicago helps us respond to local needs with consistency and focus. The Developer Program allows us to invest in emerging leaders while supporting projects that will benefit Milwaukee neighborhoods for years to come.

” President and CEO, Spring Bank “Programs like the Community First® Developer Program help build long-term capacity by supporting both housing development and the people behind it. Through our partnership with FHLBank Chicago, we’re proud to support organizations like SWOP as they prepare aspiring housing leaders to carry this work forward in their communities.

” First Vice President and Community Reinvestment Act Officer, Marquette Bank