CHICAGO, Dec. 14, 2021 /PRNewswire/ - CIBC today announced
that Related Companies completed the rehabilitation of a 160-unit
senior and family development on Chicago's south side, originally built in
1983.
"It is very important to CIBC that we support local initiatives
which create or preserve affordable housing," said Cheryl Wilson, managing director and head of US
Community Development Lending at CIBC. "Projects like this preserve
the affordable, rental housing stock in the communities we
serve."
CIBC provided $7 million in
financing to Related Companies to rehab the apartment buildings at
9510 South Constance Avenue, allowing for the preservation and
significant improvement of an existing affordable housing
development with a Section 8 contract. The rehab included
improvements to units, exterior, laundry rooms and community
spaces, and the units are in high demand as rents are capped at 30%
of income. They are also in a desirable location with close
proximity to public transportation and local amenities such as
restaurants, grocery stores and retail, as well as hospitals and
green spaces.
"We have been awarding grants to Housing and Urban Development
(HUD)-certified counseling agencies that work to make affordable
housing accessible for over a decade," said Beth Witczak, head of CIBC US Community
Development. "Having a part in the revitalization of low income
neighborhoods, which results in greater opportunities for residents
and local business owners, is something we are not only proud of,
but deeply committed to."
About CIBC
CIBC is a leading North American financial institution with 11
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.
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All loans subject to
credit approval. The CIBC logo is a registered trademark of CIBC,
used under license. Member FDIC and Equal Housing
Lender.
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SOURCE CIBC