U.S. Representative Bill Foster (IL-11) joined the Federal Home Loan Bank of Chicago (FHLBank Chicago), Housing Opportunity Development Corporation (HODC), McHenry County officials, and local leaders today for a tour and roundtable discussion at Taylor Place Apartments, an affordable housing development in McHenry, Illinois.
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Housing and finance leaders meet Rep. Bill Foster (IL-11) in McHenry, Ill. to discuss housing affordability solutions. Pictured (left to right): Monte Johnson, City of McHenry; Laura Youngberg, Housing Opportunity Development Corporation; Dave Feldhaus, FHLBank Chicago; Richard Koenig, Housing Opportunity Development Corporation; Rep. Bill Foster; Jamie Lutton, FHLBank Chicago; Sharon Gorrell, FHLBank Chicago; Dan Watts, Board Director at FHLBank Chicago; John Birk, City of McHenry.
The event brought together housing and community development leaders to discuss the need for affordable housing across the region and the role partnerships play in expanding access to safe, stable, and affordable homes. Following a tour of Taylor Place, participants discussed how developments serving individuals and families, including people with disabilities, can strengthen entire communities while helping residents remain connected to services, jobs, and local resources.
“The Taylor Place Apartments embody a promise for the residents of McHenry County, as they bring much-needed affordable housing options to the area,” said Rep. Foster. “I am proud to represent McHenry County in Congress, and I commend all those involved in leveraging partnerships across local, state, and federal levels to make this project a reality for workers in this community.”
The tour highlighted the success of Taylor Place Apartments, an affordable housing development in McHenry created by the Housing Opportunity Development Corporation (HODC). The project received a $1 million grant from FHLBank Chicago’s Affordable Housing Program (AHP) General Fund, sponsored by its member Crystal Lake Bank & Trust, a Wintrust Community Bank. Taylor Place is an example of how collaboration among affordable housing developers, financial institutions, local government, and community partners can expand access to affordable housing and create lasting opportunities for individuals and families in communities facing ongoing housing affordability and supply challenges.
“Taylor Place demonstrates how targeted investments in affordable housing can create meaningful opportunities for residents and strengthen communities,” said Richard Koenig, Executive Director of Housing Opportunity Development Corporation. “With support from partners like FHLBank Chicago and local leaders, we are able to develop housing that helps residents put down roots, access supportive services, and remain connected to the community they call home.”
The roundtable discussion also highlighted the Federal Home Loan Bank System’s connection to local housing opportunities. Through its Affordable Housing Program (AHP) General Fund, FHLBank Chicago provides forgivable grants through its member financial institutions to support the acquisition, construction, and rehabilitation of affordable rental and owner-occupied housing across Illinois and Wisconsin.
“AHP helps bridge financing gaps that can make the difference in bringing affordable housing developments from concept to reality,” said Michael Ericson, President and CEO, FHLBank Chicago. “Homes like Taylor Place demonstrate how collaboration between FHLBank Chicago and our member, Crystal Lake Bank & Trust, can expand affordable housing to create lasting benefits for the communities we serve.”
Affordable housing developments like Taylor Place help increase housing supply, support community stability, and create new opportunities for residents to live near transportation, healthcare, employment, and other essential services. The event underscored how partnerships among federal, local, and nonprofit leaders can help address housing affordability challenges and support long-term community resilience.
“McHenry County recognizes the importance of housing options that meet the needs of residents at different stages of life and income levels,” said Michael Buehler, McHenry County Board Chairman. “Taylor Place is a strong example of how collaboration can help create housing opportunities that support residents and strengthen our communities.”
For additional information about FHLBank Chicago’s AHP General Fund, please visit fhlbc.com/AHP.
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 Housing Opportunity Development Corporation
Housing Opportunity Development Corporation is a nonprofit affordable housing developer that creates and preserves housing opportunities for individuals and families across the region. HODC works with public, private and community partners to develop affordable rental housing and connect residents with housing options that support stability, independence and long-term well-being.
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