FHLBank Chicago Increases Support for Diverse Developer Initiative to Create Learning Opportunities for 10 Grant Recipient Organizations in Illinois and Wisconsin

Second Year of Program Continues to Build Pipeline of Diverse Housing Developers

Diverse real estate developers bring unique perspectives and community knowledge to their projects—making them invaluable to the mission of building equitable, affordable housing. To grow the diverse developer talent pipeline in Illinois and Wisconsin, the Federal Home Loan Bank of Chicago (FHLBank Chicago) doubled its annual support to $2 million in the second year of its Community First® Diverse Developer Initiative (Diverse Developer Initiative), bringing the total three-year commitment to $4 million. After the first round of funding, the program narrowed its focus to career development and will fund up to 35 fellowships and internships for 10 beneficiary organizations.

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Through the Chicago Community Loan Fund, DL3 Realty Advisors was awarded an FHLBank Chicago 2022 Community First® Diverse Developer Initiative grant. Leon Walker (left), Managing Principal of DL3, and Ryan Green (center), COO & General Counsel, funded a fellowship for Yasamin Enshaeian (right) to grow and support their expanding affordable housing practice. (Photo: Business Wire)

“Through programs like the Diverse Developer Initiative, we can address the systemic barriers facing aspiring diverse developers and create a lasting talent pipeline in real estate development,” said Katie Naftzger, Senior Vice President, Community Investment Officer, FHLBank Chicago. “Over the past year, we saw strong demand for talent development support, so we refocused the program to better suit those needs.”

Congressional leaders from Illinois and Wisconsin recognize and welcome the need for diverse talent in affordable housing. Building the pipeline of future developers builds equity and strengthens communities.

"Illinois needs more housing and community developers that reflect the great diversity of our state," said U.S. Senator Tammy Duckworth. "More equitable, affordable housing builds stronger communities, and I congratulate the award recipients and thank the Federal Home Loan Bank of Chicago for their support in this area. I'll keep working at the federal level to help ensure support for more affordable housing throughout Illinois."

“These awards represent an opportunity for diverse developers to learn to build the affordable housing that our communities so desperately need,” said, U.S. Senator Tammy Baldwin. “I am happy to support these efforts to create more affordable housing and build stronger communities. I congratulate the award recipients and thank the Federal Home Loan Bank of Chicago for making it possible.”

“Programs like this represent an exciting new approach to addressing systemic barriers in affordable housing,” said, U.S. Representative Gwen Moore. “Expanding access to equitable, affordable housing supports economic stability and opportunity for my constituents. I congratulate the award recipients and thank the Federal Home Loan Bank of Chicago for pouring resources into our community.”

Demonstrating this, through FHLBank Chicago member, Chicago Community Loan Fund, DL3 Realty Advisors, LLC (DL3), allocated part of their funding to hiring diverse talent who will grow their careers through learning opportunities that help to increase affordable housing development efforts.

At DL3, grant recipient Yasamin Enshaeian brings not only her personal identity and perspective but also her architecture and affordable housing background. In her time in DL3’s affordable housing practice, Yasamin has leveraged her architectural expertise to ensure each project’s successful construction, long-term sustainability, and overall resident satisfaction. She has served as the primary Development Manager on the Thrive Englewood Phase 1 and Thrive Exchange – South projects to expanding her experience into the development side of affordable housing.

“I am very proud of the work I have been able to accomplish this year, collaborating with designers, construction managers, property management teams, and City officials to bring Thrive Exchange and Thrive Englewood to fruition,” said Yasamin Enshaeian, a Senior Development Manager at DL3. “This role has allowed me to assume a leadership team position to not only ensure the long-term success of these projects but to think more broadly about affordable housing and its impact on our urban fabric. I acquired firsthand experience and skills that will continue to support my growth as a community developer committed to the well-being of working families and addressing critical community needs, such as access to quality housing, financial stability, and long-term growth.”

The Diverse Developer Initiative was launched in 2022 as a three-year commitment to support the various needs of diverse developers of affordable housing. The program’s creation was driven by FHLBank Chicago’s Community Investment Advisory Council, a group of industry leaders in Illinois and Wisconsin that informs FHLBank Chicago’s strategy for affordable housing and community lending.

This year’s recipients are as follows:

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¹ Community First, Inc. is not affiliated with the FHLBank Chicago or the Community First® Diverse Developer Initiative.

About the Federal Home Loan Bank of Chicago

FHLBank Chicago is a regional bank in the Federal Home Loan Bank System. FHLBanks are government-sponsored enterprises created by Congress to ensure access to low-cost funding for their member financial institutions, with a focus on providing solutions that support the housing and community development needs of members’ customers. FHLBank Chicago is a self-capitalizing cooperative, owned by its Illinois and Wisconsin members, including commercial banks, credit unions, insurance companies, savings institutions and community development financial institutions. To learn more about FHLBank Chicago, please visit fhlbc.com. “Downpayment Plus,” “DPP,” “Downpayment Plus Advantage,” “DPP Advantage,” and “Community First” are registered trademarks of the FHLBank Chicago.

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“Through programs like the Diverse Developer Initiative, we can address the systemic barriers facing aspiring diverse developers and create a lasting, talent pipeline in real estate development,” said Katie Naftzger, FHLBank Chicago.