FHLBank Chicago and Spring Bank Award Grants to Strengthen Affordable Housing Talent Pipeline in Milwaukee and Increase Housing Supply

MILWAUKEE–(BUSINESS WIRE)–The Federal Home Loan Bank of Chicago, in partnership with member Spring Bank, Brookfield, Wis., last week presented two Community First^® Developer Program (Developer Program) awards to Milwaukee-based developers AK Development and Milwaukee Development Corporation. The awards support paid internships and fellowships that build hands-on experience for emerging professionals advancing affordable housing across Wisconsin.

Since launching the Developer Program in 2022, FHLBank Chicago has awarded $12 million to strengthen career pathways and expand long-term affordable housing development across its district.

“Expanding the supply of affordable housing requires more than financing—it requires skilled developers who can move projects from vision to completion,” said Katie Naftzger, Senior Vice President and Community Investment Officer at FHLBank Chicago. “Through partnerships with members like Spring Bank, we are investing in the next generation of affordable housing professionals across Illinois and Wisconsin.”

AK Development received a $250,000 grant through Spring Bank to support three paid interns who will gain exposure to the full development lifecycle, including predevelopment planning, financing coordination, construction oversight and community engagement. Interns will contribute to projects across Milwaukee, including mixed-income redevelopment initiatives, workforce housing communities, transit-oriented development along the MLK corridor, and historic revitalization efforts that integrate tax credit financing and community partnerships.

“This investment allows us to deepen our impact on two levels,” said Ariam Kesete, Founder of AK Development. “We’re advancing critical housing projects while creating structured, real-world learning opportunities that build confidence, expertise, and leadership capacity within the affordable housing field.”

Milwaukee Development Corporation received a $250,000 grant through Spring Bank to support four development fellows gaining experience across multiple phases of real estate development. Fellows will participate in underwriting and financing, predevelopment due diligence, construction coordination and redevelopment initiatives, including the transformation of a former hospital into senior housing and additional workforce housing efforts supporting neighborhood revitalization.

“This funding expands our capacity while mentoring the next generation of developers through active projects,” said Pat O’Brien of Milwaukee Development Corporation. “Hands-on experience in real projects builds the skills needed to strengthen Milwaukee neighborhoods over time.”

Spring Bank has accessed many of FHLBank Chicago’s Community Investment programs and uses secured loans, known as advances, to provide reliable liquidity for community lending that supports housing and economic development across Milwaukee.

“At Spring Bank, our partnership with FHLBank Chicago helps us respond to local needs with consistency and focus,” said Heather Nelson, President and CEO of Spring Bank. “The Developer Program allows us to invest in emerging leaders while supporting projects that will benefit Milwaukee neighborhoods for years to come.”

Introduced in 2022 at the recommendation of FHLBank Chicago’s Community Investment Advisory Council, the Developer Program reflects FHLBank Chicago’s ongoing commitment to supporting affordable housing development through strategic partnerships with member institutions.

Community First is a registered trademark of the Federal Home Loan Bank of Chicago.

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.

About Spring Bank

Spring Bank is a Wisconsin-based community bank serving Milwaukee and surrounding communities with business and personal banking solutions. The bank focuses on relationship-driven lending, direct access to decision makers, and responsive service tailored to local needs. With a strong commercial real estate presence and a commitment to community engagement, Spring Bank partners with businesses, developers, and nonprofit organizations to support responsible growth and long-term neighborhood stability.

About AK Development

Founded in 2016, AK Development, LLC is a Milwaukee-based real estate development firm advancing sustainable and community-centered housing solutions. The firm focuses on revitalizing neighborhoods through mixed-income and workforce housing projects, public-private partnerships, and strategic collaboration with local stakeholders. Led by Founder and CEO Ariam Kesete, AK Development emphasizes accountability, innovation, and long-term community impact, with a goal of expanding access to affordable housing and economic opportunity.

About Milwaukee Development Corporation

Founded in 1973, Milwaukee Development Corporation is a nonprofit civic developer serving the Greater Milwaukee area. The organization advances community-centered real estate projects that expand affordable homeownership, revitalize underutilized properties, and strengthen neighborhood stability. Milwaukee Development Corporation supports emerging developers through underwriting and financing partnerships and collaborates with public and private stakeholders to advance sustainable economic development across the region.

Contacts

Casey Reidy, 312.565.5291
creidy@fhlbc.com