CHICAGO, Oct. 29, 2021 /PRNewswire/ - CIBC today announced
the completion of its latest affordable housing project, designed
to supply much-needed affordable housing and storage for families
and individuals, with a concentration of those with
disabilities.
"We are committed to community restoration that helps transform
the lives of others," says Cheryl
Wilson, managing director and head of Community Development
Lending at CIBC, US. "This project at 1212 Larkin Ave. in
Elgin is a prime example of that
dedication, and we look forward to the impact it'll make on so many
in that community."
CIBC worked with Full Circle Communities to renovate 1212 Larkin
LP, 48-unit project to include a mix of new and rehabilitated
apartments and townhomes. Additionally, CIBC sponsored an
Affordable Housing Program application for a $705,000 grant from the Federal Home Loan Bank of
Chicago, which was awarded to Full
Circle.
The $10.6 million construction
loan was for the acquisition and historical rehabilitation of the
prior Larkin Building, as well as for the new construction of
additional townhome units. The buildings serve vulnerable
populations struggling with homelessness and disabilities, and
provides on-site supportive services to tenants. With over 40% of
the units targeted to individuals with special needs, Full Circle's
mission is to assist tenants by providing supportive case
management services and employment counseling on-site, in addition
to safe, affordable housing.
"Affordable housing is one of the fundamental elements of
creating stability within communities and for families," said
Beth Witczak, head of CIBC US
Community Development. "We are pleased to partner with
organizations like Full Circle to provide the funding that brings
quality and accessible housing to our communities."
About CIBC
CIBC is a leading North American financial institution with 10
million personal banking, business, public sector and institutional
clients. CIBC offers a full range of advice, solutions and services
in the United States, across
Canada and around the world. In
the US, CIBC Bank USA provides
commercial banking, private and personal banking and small business
banking solutions and CIBC Private Wealth offers investment
management, wealth strategies and legacy planning. Visit us at
cibc.com/US.
For further information:
Kristy L. Daube, Director, US
Media Relations, 770-617-0591, kristy.daube@cibc.com.
The CIBC logo is a registered trademark of CIBC, used under
license. Member FDIC and Equal Housing Lender.
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SOURCE CIBC