CHICAGO, Feb. 14, 2022 /PRNewswire/ - CIBC today announced
the completion of a new affordable housing project, Broadview
Senior Apartments, for low-income individuals 55 and older.
"We support affordable housing initiatives because we know how
important the security of a home is," said Cheryl Wilson, managing director and head of US
Community Development Lending at CIBC. "We also know seniors can be
at risk for housing instability and homelessness. We are pleased to
be part of this project."
CIBC Bank USA provided a
$5.3 million dollar construction loan
to Walsh Construction to build Broadview Senior Apartments. The new
living facility—a three-story, wood-framed project including two
elevators, a patio, community garden and green space—was designed
to serve low income senior tenants. The property is located in a
primarily residential area 12 miles west of downtown Chicago.
The bank also made a $6.9 million
dollar equity investment, used to create 70 units of
affordable senior housing, with 11 of those units set aside for
eligible tenants with special needs. In addition, CIBC Bank
USA is also working with the
Housing Opportunities Development Corporation, Inc. ("HODC"), which
serves as Broadview Senior Apartments' non-profit partner. The HODC
provides services to the residents of the facility, coordinates
on-site activities and workshops (such as health and wellness
courses), and provides on-site staff for a minimum of 20 hours per
week.
"We give back to our communities through investments, education
and volunteerism," said Tony
Hernandez, head of US Community Investment at CIBC.
"Ensuring the availability of quality, affordable housing in our
communities is one of our community development priorities."
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.
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