CIBC Bank USA has unveiled its latest initiative aimed at promoting affordable housing, encompassing a $17.6 million construction loan, a $708,000 permanent loan, and a $26 million investment in Boulevard Apartments Preservation, LP, to facilitate the acquisition and restoration of the existing Boulevard Apartments in Chicago. The primary objective of this endeavor is to uphold the availability of 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. 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. Our investment aligns with our commitment to making a positive and lasting impact on the communities we serve.Tony Hernandez, head of Community Investment at CIBC Bank USA
Comprising three buildings, the project will feature a diverse selection of 70 units, from studios to four-bedroom residences, tailored to individuals with incomes below 50% or 60% of the area median income (AMI). Extensive refurbishments and appliance replacements are slated to elevate the residents' living standards. The renovation scope encompasses rejuvenating all units, communal spaces, and building systems. Internally, the living spaces will undergo modernization, boasting new kitchens, bathrooms, and flooring, complemented by updated appliances.
All units will be equipped with new energy-efficient furnaces, centralized air conditioning featuring programmable thermostats, and new low E-glass windows to enhance energy efficiency. Furthermore, each building will undergo roof repairs, masonry work, and electrical system and light fixture upgrades.
CIBC's financial backing bears substantial significance for the community, as it facilitates the transition of the property from exclusively housing units at 50% AMI to a balanced mix, comprising half at 50% AMI and half at 60% AMI. This expansion broadens the potential pool of residents while safeguarding the existing occupants from displacement.
Noteworthy for its expansive clientele of 14 million, spanning personal banking, business, public sector, and institutional domains, CIBC stands as a prominent North American financial institution. The institution offers a comprehensive suite of guidance, solutions, and services across the United States, Canada, and globally. CIBC Bank USA provides commercial banking, private and personal banking, and small business banking solutions, while CIBC Private Wealth extends investment management, wealth strategies, and legacy planning. For more information, visit cibc.com/US.