Summer Internship - Affordable Housing Program - Community Investment

Internship Chicago, Illinois

The Federal Home Loan Bank of Chicago is currently seeking a graduate summer intern in our Community Investment group. As a valued contributor on a team of housing finance professionals, our graduate interns are actively engaged in the review and underwriting of applications to our competitive Affordable Housing Program (AHP). This is a paid position.

Who are we?

We are a federally chartered corporation and one of 11 Federal Home Loan Banks (FHLBanks) that, with the Office of Finance, comprise the Federal Home Loan Bank System. The FHLBanks were chartered by Congress under the Federal Home Loan Bank Act of 1932 to improve the availability of funds to support home ownership.  Each FHLBank is cooperatively owned by member financial institutions in its district and operated as a separate entity with its own management, employees, and board of directors; our district consists of the states of Illinois and Wisconsin. Core to our mission is supporting the community investment activities of our members.

What do our interns work on?

The Community Investment graduate internship will involve the following:

The primary responsibility will be the thorough review of competitive Affordable Housing Program (AHP) applications including:

  • Comprehensive eligibility reviews of applications requesting subsidies for homeownership and rental housing projects;
  • Extensive financial analysis of development and operating budgets, including in-depth review of committed funding sources and supporting documentation;
  • Analysis of market studies, property appraisals, and zoning and property ownership documentation; and
  • Project tracking and management of internal and external deadlines.

The secondary responsibilities may include performing housing policy research, analyzing program data, and/or contributing to market analyses.



  • Applicants should be enrolled in a graduate program at an accredited institution. Desired fields of study include urban planning, real estate, public administration, or related disciplines.
  • A GPA of at least 3.0 and be in good academic standing. Transcripts may be requested.
  • Internship will start no later than mid-May 2020 and will continue through August 2020; potential exists for the internship to convert to part-time from September through November 2020.


The ideal candidate will have:

  • Completed at least one class in housing finance
  • Strong time management skills and ability to work on multiple complex projects simultaneously
  • The ability to work both independently and collaboratively
  • Critical and objective thinking with acute attention to detail
  • Excellent written and oral communication skills
  • Advanced proficiency in Microsoft Excel
  • Familiarity with affordable housing development strategies and contemporary issues in the field
  • A high degree of integrity and objectivity