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Congressman Scott Fitzgerald Tours Former Grade School Transformed Into Housing, Leads Discussion on Challenges for Seniors and Our Workforce

Associated Bank, Wisconsin Partnership for Housing Development, Inc. Provide Perspectives on Local Housing Challenges

MUSKEGO, Wis.--(BUSINESS WIRE)-- U.S. Representative Scott Fitzgerald (WI-05) joined with the Federal Home Loan Bank of Chicago (FHLBank Chicago) and local leaders today for a discussion of the housing affordability challenges facing communities across Wisconsin. Following a tour of a former Muskego grade school that has been redeveloped into low-cost housing, the roundtable discussion brought together representatives from Associated Bank, the Wisconsin Partnership for Housing Development, Inc. and Commonwealth Development Corporation of America to share their insights and explore solutions to the rising cost of housing statewide.

Housing and finance leaders meet Rep. Scott Fitzgerald (WI-05) in Muskego, Wis. to discuss housing supply solutions. Pictured (left to right): Sharon Gorrell, FHLBank Chicago; Corey Hoze, Associated Bank; Rose Oswald Poels, Wisconsin Bankers Association; Tyler Sheeran, Commonwealth Development Corporation of America; Dave Feldhaus, FHLBank Chicago; Rep. Scott Fitzgerald; Michael Ericson, CEO at FHLBank Chicago; Joe Fazio, Board Chairperson at FHLBank Chicago; Stefanie Bachrach, Associated Bank; Jamie Lutton, FHLBank Chicago; Todd Mandel, Wisconsin Partnership for Housing Development; Ty Taylor, Board Director at FHLBank Chicago

The tour highlighted the success of the Muskego School Apartments, a former grade school redeveloped into affordable housing units by the Wisconsin Partnership for Housing Development, Inc. and Commonwealth Development Corporation of America. The project received a $510,000 grant from FHLBank Chicago鈥檚 Affordable Housing Program (AHP) General Fund, sponsored by its member Associated Bank. The project is an example of the unique adaptive reuse of an empty school into a place to call home for area seniors, families, and individuals with disabilities.

鈥淭oday鈥檚 roundtable was an important opportunity to hear directly from the people working every day to expand access to working family housing in the greater Milwaukee area,鈥� said Congressman Scott Fitzgerald. 鈥淢eeting these housing needs requires more than just funding; it takes collaboration to ensure every Wisconsinite has a safe, stable place to call home. Thanks to local partners like FHLBank Chicago, Associated Bank, and the Wisconsin Partnership for Housing Development, Inc., we鈥檙e solving housing issues right here in Muskego.鈥�

Located just one block from Little Muskego Lake, the apartment project expands access to affordable housing in a community where economic disparities and aging housing stock have resulted in limited availability of residential homes and buildings. This development is especially vital for senior residents living on fixed incomes, offering them housing designed for ease and independence.

鈥淩eusing existing buildings like the former Muskego Elementary School for affordable housing in Milwaukee is a powerful investment in the city鈥檚 resilience and future,鈥� said Todd Mandel, Executive Director, Wisconsin Partnership for Housing Development, Inc. 鈥淭he AHP funding from FHLBank Chicago helped create homes that offer residents a peaceful setting, modern amenities, and close access to the community and downtown.鈥�

鈥淥ur partnership with Associated Bank and community partners exemplifies how collaboration and innovation can transform communities through improving access to housing,鈥� said Michael Ericson, President and CEO, FHLBank Chicago. 鈥淎ffordable housing is the cornerstone of resilient communities, and our AHP grants are helping to solve critical housing issues in areas with the highest need.鈥�

鈥淎ssociated Bank is proud to play an active role in helping our communities grow and prosper," said Stefanie Bachrach, Senior Vice President with Associated Community Development, LLC, the bank鈥檚 community development corporation. 鈥淪trategic partnerships between the housing leaders gathered here today show that we have a shared vision to create opportunities for individuals and families to share the rewards of building economic and housing stability in our communities.鈥�

For additional information about FHLBank Chicago鈥檚 AHP General Fund, please visit .

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鈥� 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 .

About Associated Banc-Corp

Associated Banc-Corp (NYSE: ) has total assets of $43 billion and is the largest bank holding company based in Wisconsin. Headquartered in Green Bay, Wisconsin, Associated is a leading Midwest banking franchise, offering a full range of financial products and services from nearly 200 banking locations serving more than 100 communities throughout Wisconsin, Illinois, Minnesota and Missouri. The company also operates loan production offices in Indiana, Kansas, Michigan, New York, Ohio and Texas. Associated Bank, N.A. is an Equal Housing Lender, Equal Opportunity Lender and Member FDIC. More information about Associated Banc-Corp is available at .

About Wisconsin Partnership for Housing Development, Inc.

The Wisconsin Partnership for Housing Development, Inc. is committed to housing for everyone because it鈥檚 essential for building healthy communities. We build effective public-private partnerships to expand access to affordable housing options. We do this by directly developing quality housing and by consulting with local groups to provide them with the expertise and capacity to expand affordable housing in their communities.

About Commonwealth Development Corporation of America

Commonwealth Development Corporation of America (CDC) is a leading, majority woman-owned national developer of affordable, workforce, and senior housing. Committed to creating high-quality housing that strengthens neighborhoods and communities, CDC has developed more than 125 projects and over 8,000 units since its founding in 2001. The firm is consistently ranked among the top affordable housing developers in the country.

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Casey Reidy

312.565.5291

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Source: Federal Home Loan Bank of Chicago