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CIBC 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 in a statement. “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 at 2111 S 17th Ave, Broadview, IL.
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.”
CIBC is a 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.