The Federal Home Loan Bank of Chicago (FHLBank Chicago) has increased its annual support to $2 million for the second year of its Community First Diverse Developer Initiative, resulting in a total commitment of $4 million over three years.
Launched in 2022, the Diverse Developer Initiative aims to cultivate diverse developer talent within Illinois and Wisconsin. The program provides career development opportunities and funds up to 35 fellowships and internships for ten beneficiary organizations.
According to Katie Naftzger, SVP and Community Investment Officer at FHLBank Chicago, initiatives like this can help address systemic barriers faced by aspiring diverse developers while establishing a sustainable pipeline of talent in real estate development.
The recipients for 2023 include:
-Community First Inc.
-FIT Investment Group LLC
-Royal Capital Group LLC
-Illinois Housing Council
-KG Development Group
-Lawndale Christian Development Corporation
-The Resurrection Project
-Community Investment Corporation
-Habitat for Humanity
-Northwest Side Community Development Corporation
This grant program from FHLBank Chicago supports these diverse developers as they work towards their goals without mentioning any specific locations or platforms.
