CHICAGO, Jan. 22,
2024 /PRNewswire/ - CIBC is proud to announce its
latest affordable housing initiative, which includes a $17.6 million construction loan, $708,000 permanent loan and a $26 million investment in Boulevard Apartments
Preservation, LP. This funding will be used for the acquisition and
rehabilitation of the existing Boulevard Apartments in Chicago. The project aims to maintain
affordable housing in the Logan Square, West Town and Humboldt Park
neighborhoods.
"The Boulevard Apartments project is an important step towards
addressing the affordable housing crisis in Chicago," said Tony
Hernandez, head of Community Investment at CIBC Bank
USA. "By preserving and improving
these units, we are committed to creating stable and affordable
housing options for low-income individuals and families in the
community."
The project, which consists of three buildings including a mix
of 70 units ranging from studio to four-bedroom units for
residents earning less than 50% or 60% of the area median
income (AMI), will undergo much-needed renovations and
appliance replacements to enhance the living conditions for its
residents. The scope of the renovation includes the rehabilitation
of all units, common areas and building systems. The unit interiors
will be modernized with new kitchens, baths and flooring, along
with updated appliances. To improve energy efficiency, all units
will receive new energy-efficient furnaces, centralized air
conditioning with programmable thermostats and new low E-glass
windows. Additionally, the buildings will each undergo roof
repairs, masonry work and upgrades to electrical systems and light
fixtures.
CIBC's financing has a significant impact to the community. By
transitioning the property from 100% units at 50% AMI to a mix of
half at 50% AMI and half at 60% AMI, it expands the pool of future
residents and ensures that existing residents will not be
displaced.
"We are proud to partner with Boulevard Apartments Preservation
and contribute to the conservation and improvement of affordable
housing in Chicago," said
Hernandez. "Our investments aligns with our commitment to making a
positive and lasting impact on the communities we serve."
About CIBC
CIBC is a leading North American financial institution with 14
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.
Member FDIC and Equal Housing Lender. Loans are
subject to credit approval. The CIBC logo is a registered trademark
of CIBC, used under license. Investment Products Offered are Not
FDIC-Insured, May Lose Value and are Not Bank Guaranteed.
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SOURCE CIBC