FHLBank Chicago and Spring Bank back Milwaukee developer training grants tied to expanding affordable housing supply

Grants target developer training as Milwaukee housing pressures persist

Federal Home Loan Bank of Chicago (FHLBank Chicago) and Milwaukee-based Spring Bank have awarded grant support tied to workforce development in affordable housing, part of a broader effort to expand the pool of professionals able to plan, finance and deliver housing projects. The funding is structured through FHLBank Chicago’s Community First Developer Program, which provides grants—through member financial institutions—to organizations that run internships, fellowships and other career-development activities for emerging affordable housing developers.

The model links two constraints that frequently surface in housing delivery: the cost and availability of capital, and the capacity of organizations to execute projects. By underwriting paid training and structured on-the-job experiences, the program aims to increase the number of practitioners with the technical skills needed for project budgeting, site acquisition, financing, and predevelopment work—steps that often determine whether a project can advance to construction.

Milwaukee recipients connected to Spring Bank

In the 2024 Developer Program award cycle, multiple Milwaukee-based organizations received grants, including two that partnered through Spring Bank: AK Development and MDC. In program materials, AK Development outlined a 16-month internship program designed to provide hands-on experience for aspiring real estate professionals. MDC’s planned use focused on expanding a fellowship program supporting developers working on single-family homes and multi-family mixed-use projects in underserved Milwaukee neighborhoods.

Other Milwaukee-area recipients in the same funding round included Community First Milwaukee, Eminent Development Corporation, the Martin Luther King Economic Development Community, and Rule Enterprises LLC, among others, reflecting a cluster of activity in the city around structured talent development for real estate and community development roles.

How the Developer Program works

The Developer Program is open to nonprofit and for-profit organizations operating in FHLBank Chicago’s district (Illinois and Wisconsin). Grant funds are intended primarily for compensation and eligible costs tied to internships and fellowships that provide a “meaningful professional experience” in affordable housing development. Allowable related costs can include training opportunities, networking events, materials, and access to technology and software.

Applications must be submitted in partnership with an FHLBank Chicago member institution. The program includes administrative guardrails, including limits on the number of applications per member and requirements for prior recipients to show progress in spending previously awarded funds before reapplying.

Why workforce development is being emphasized

Affordable housing production requires coordinated expertise across finance, construction, public approvals, compliance and long-term operations. In practice, developers and development-adjacent professionals—project managers, finance specialists, and compliance staff—are central to translating funding into delivered units. Developer capacity has become a focus alongside direct project subsidies, as interest rates, construction costs and limited inventory continue to complicate project feasibility across the region.

The 2024 funding round supported dozens of internships and fellowships across Illinois and Wisconsin, including several programs based in Milwaukee.

What to watch next

• Whether trainees supported by the grants move into roles that expand local development capacity in Milwaukee.
• How quickly participating organizations convert enhanced staffing and skills into predevelopment progress and construction starts.
• Whether subsequent funding rounds continue to concentrate resources in Milwaukee organizations tied to affordable housing delivery.