Ikoyi CDC secures $2 million in funding from FHLBank Chicago
The Federal Home Loan Bank of Chicago (FHLBank Chicago) announced it has awarded $2 million through its 2025 Affordable Housing Program (AHP) General Fund to Ikoyi CDC for 1449 Senior Estates Phase II, a new development of 50 single story rental homes with attached garages, in Aurora, Illinois, for residents 55 years and older earning 60 percent or less of the Area Median Income. Sponsored by IFF, this project represents a collaboration of expertise of Northern Lights Development Corporation, Ikoyi CDC and AHDVS to promote to promote diversity, inclusion, and community interconnectivity in southwest Aurora.
The one- and two-bedroom homes are designed for maximum accessibility and energy efficiency, utilizing a prefabricated framing system to achieve Green Certification. All homes will feature Energy Star-rated appliances, resilient hard surfaces, and window treatments. The Aurora Housing Authority, which will enter into a project-based Section 8 Voucher contract for all 50 homes, will provide a free van service to connect residents with nearby grocery stores, pharmacies, health care providers, and shopping centers.
“This investment by FHLB will help advance the Aurora community, expanding access for seniors while helping to reinforce Ikoyi CDC’s commitment to creating sustainable communities of choice,” said Ariel, Executive Director of Ikoyi CDC, “ We’re grateful to FHLBank Chicago and IFF for supporting a project that enhances access to quality affordable housing for some of our most vulnerable community members.”
About the Federal Home Loan Bank (FHLB)
The Federal Home Loan Bank (FHLB) is a government-sponsored enterprise dedicated to strengthening communities by supporting affordable housing and community development initiatives. Through its network of member financial institutions, the FHLB provides reliable funding and targeted grant programs that help expand access to safe, stable, and affordable housing. The FHLB plays a critical role in advancing economic opportunity by investing in projects that serve low- and moderate-income households, promote neighborhood revitalization, and foster long-term community stability.
The Federal Home Loan Bank Affordable Housing Program (AHP) is one of the nation’s largest private sources of funding for affordable housing. Through competitive grants and subsidized loans awarded to member financial institutions, the AHP supports the development, rehabilitation, and preservation of housing for low- and moderate-income households. The program prioritizes projects that address critical housing needs, promote equity and access, and strengthen community stability by partnering with nonprofit developers and community-based organizations.
Since program inception in 1989 through year-end 2024, FHLBank Chicago has allocated more than $550 million in AHP General Fund grants, helping provide housing for over 83,000 households.
To learn more about the AHP Program and the rest of the projects awarded grants for the 2025 application cycle, read FHLBank Chicago’s recent press release.