Bank / Credit Union

The Federal Home Loan Bank opens diverse developer initiative

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August 21, 2024

The Federal Home Loan Bank of Chicago opened applications for the 2024 Community First Diverse Developer Initiative. This program provides grants to nonprofit and for-profit organizations to offer career development and affordable housing in Illinois and Wisconsin, according to a press release.

The bank will award up to $2 million in grants to organizations. This is the third consecutive year for the program and applications will remain open until Sept. 13.

"This strategic investment in KeyCorp, a premier bank in the U.S., significantly increases the capital deployed to our identified priority markets," Scott Thomson, president and CEO of Scotiabank, said in the release. "We believe that this transaction provides attractive near-term returns to our shareholders and creates future optionality for Scotiabank in the North American corridor, given our unique position as the only Canadian bank with a presence across Canada, the U.S., and Mexico. We look forward to exploring mutually beneficial strategic opportunities in the future."

"Our Emerging Leaders Internship (ELI) program aims to attract new talent to the industry and develop a diverse pipeline of affordable housing professionals," Allison Clements, executive director, the Illinois Housing Council, said in the release. "The Diverse Developer Initiative grant from FHLBank Chicago provided invaluable support to our program and helped us invest more in the future leaders of affordable housing."