One Year Later: FHLBank Chicago’s $2 Million AHP Grant Helps Deliver 40 New Homes in Rural Wisconsin

For best results when printing this announcement, please click on link below: One Year Later: FHLBank Chicago’s $2 Million AHP Grant Helps Deliver 40 New Homes in Rural Wisconsin Trailview Cottages is fully occupied and now serves as a hub for workforce training and education One year after breaking ground, Trailview Cottages, a 40-unit workforce and affordable housing community in Hayward, Wisconsin, is fully occupied and providing residents with access to on-site workforce training.

The development received a $2 million Affordable Housing Program (AHP) grant from the Federal Home Loan Bank of Chicago (FHLBank Chicago), awarded in partnership with FHLBank Chicago member IFF. This press release features multimedia. View the full release here: One year after breaking ground, Trailview Cottages in Hayward, Wisconsin, is fully occupied, providing 40 affordable and workforce housing units with support from a $2 million Affordable Housing Program (AHP) grant from FHLBank Chicago. Impact Seven led development of Trailview Cottages, with additional financing from Cinnaire.

Residents began moving in as construction progressed, helping address local housing needs sooner. Today, all 40 units are leased, with another 208 households on the waiting list, underscoring the continued need for affordable housing in northwest Wisconsin. “Our members understand the housing needs in the communities they serve, and AHP provides funding to help address those needs,” said Katie Naftzger, senior vice president and community investment officer at FHLBank Chicago. ” The community offers cottage-style apartment homes in one-, two-, and three-bedroom layouts, each with an attached garage and private driveway.

The buildings use slab-on-grade construction with structural insulated panels, an efficient method that helps hold down residents’ energy costs. The homes sit in a neighborhood-style layout around a community center with a fitness room, gathering space, and outdoor patio designed to bring residents together. The new development is next to Tamarack Health, a regional hospital system, allowing for clinician recruitment who previously had difficulty finding housing.

Northwood Technical College leases a Workforce Accelerator classroom inside the community center, bringing GED and HSED programs, adult education, and hands-on technical training within walking distance of residents’ homes. Programming will be available to residents and to the broader community, allowing the project to serve as an important educational resource in addition to providing much-needed housing. “Bringing affordable housing and workforce training together creates opportunities that strengthen the broader community, and Trailview Cottages shows what that looks like a year in,” said Brett Gerber, President and CEO of Impact Seven.

“Families are settled in, and students are training a few steps from their front doors. ” The construction also delivered a measurable economic boost to the region. 5 million in economic output and supported 116 jobs across the regional economy. FHLBank Chicago’s AHP Program provides forgivable grants through its member financial institutions to support the acquisition, new construction, or rehabilitation of rental or owner-occupied housing.

The program expands access to quality affordable housing across Illinois and Wisconsin. The project received a $2 million AHP grant through FHLBank Chicago member IFF. The development also benefited from the involvement of fellow FHLBank Chicago members Impact Seven, which serves as owner, developer, and property manager, and Cinnaire, which provided Low-Income Housing Tax Credit (LIHTC) equity financing. About 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. com. 5291