WaterStone Bank Helps Secure Six-Figure Grant for Affordable Housing
WAUWATOSA, Wis. — February 16, 2026 — WaterStone Bank partnered with the Federal Home Loan Bank of Chicago (FHLB Chicago) to help secure a $250,000 Community First Developer Program grant for Northernstar Companies LLC, reinforcing WaterStone Bank’s long-term commitment to affordable housing and community investment across southeastern Wisconsin.
The Community First Developer Program provides funding to support career development initiatives for affordable housing developers in Illinois and Wisconsin, helping strengthen the capacity of organizations working to address local housing needs.
Northernstar Companies focuses on improving housing quality and resident experiences in cost-effective, sustainable ways that promote stability for both residents and neighborhoods in the Greater Milwaukee Area. Through funding fellowship and support positions at Northernstar Companies, the grant will help expand development capacity, enabling affordable and workforce housing projects to move forward more efficiently across metropolitan and suburban communities throughout the region.
By facilitating the grant application and partnership with FHLBank Chicago, WaterStone Bank played a key role in connecting Northernstar Companies with resources designed to deliver lasting community benefit.
“Affordable housing is essential to building strong, stable communities, and community development is central to our core values as a bank,” said Joseph Mudlaff, Vice President and Chief Lending Officer at WaterStone Bank. “As a community bank, we’re committed to investing in the neighborhoods we serve, and helping connect organizations with resources like this grant is one way we turn that commitment into meaningful progress for residents and families.”
About WaterStone Bank: WaterStone Bank, established in 1921, is a leading financial institution committed to serving the communities of Milwaukee, Waukesha, and Washington Counties. With a proud history of innovation, integrity, and community service, WaterStone Bank offers a wide range of banking and financial solutions to both individual and business customers. Headquartered in Wauwatosa, Wisconsin, the bank operates 14 branches across the region and is recognized for its commitment to customer service and community involvement. For more information, please visit our website at wsbonline.com.
