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 opened Monday, June 29, 2026 and closes July 31, 2026, 5 p.m. CST.
Developer Program Overview and Requirements
- 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.
- 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.
- Application will be posted under the Developer Program Resources section below and include two parts, application questions via a Microsoft Forms link and a PDF with support documentation.
- Microsoft Forms link will be included in the above mentioned PDF.
- PDF includes the following support documentation:
- Budget with proposed use of funds
- Timeline for implementation
- Support documentation PDF must be signed by the organization and FHLBank Chicago member institution and submitted to ci@fhlbc.com via the member. A Certificate of Good Standing must also be included in this email.
- 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.
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.