CHICAGO, December 14, 2021 / PRNewswire / – CIBC today announced that related companies have completed the refurbishment of a 160-unit senior and family complex on that of Chicago south side, originally built in 1983.
âIt is very important to CIBC that we support local initiatives that create or maintain affordable housing,â said Cheryl wilson, Managing Director and Head of US Community Development Loans at CIBC. âProjects like this preserve the affordable rental housing stock in the communities we serve.
CIBC provided $ 7 million in financing to related companies to rehabilitate apartment buildings at 9510 South Constance Avenue, enabling the preservation and significant improvement of an existing affordable housing development with a Section 8 contract. Rehabilitation included improvements to units, outdoors, laundry rooms and community spaces, and units are in high demand as rents are capped at 30% of income. They are also in a prime location close to public transportation and local amenities such as restaurants, grocery stores, and retail, as well as hospitals and green spaces.
âFor more than a decade, we have provided grants to Certified Housing and Urban Development (HUD) consulting agencies that strive to make affordable housing accessible,â said Beth witczak, CIBC Head of Community Development in the United States. âParticipating in the revitalization of low-income neighborhoods, which translates into greater opportunities for residents and local business owners, is something that we are not only proud of, but one that we are deeply committed to. “
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