CIBC Bank USA has announced financing for an affordable housing initiative in Chicago, providing a $17.6 million construction loan and a $708,000 permanent loan to Boulevard Apartments Preservation, LP. In addition, CIBC will invest $26 million towards the acquisition and rehabilitation of the existing Boulevard Apartments.
According to Tony Hernandez, head of Community Investment at CIBC Bank USA: “The Boulevard Apartments project is a crucial step in addressing Chicago’s affordable housing crisis. By preserving and improving these units, we are dedicated to creating stable and accessible housing options for low-income individuals and families within the community.”
The project includes three buildings with 70 units ranging from studio to four-bedroom floorplans. Its goal is to maintain affordability in Logan Square, West Town,and Humboldt Park neighborhoods through renovations such as updated appliances,new energy-efficient furnaces,and upgrades to electrical systemsand light fixtures.
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