Homeownership, serves as a cornerstone for stability. That’s why we support local housing initiatives, work with developers and rehabilitation projects and offer mortgages to keep homes affordable.
East Park apartments
For 20 years, East Park Apartments provided desperately needed housing for at-risk individuals. As with any aging building, there was a need for a more robust capital improvement plan, including the replacement of major building systems and significant upgrades to the furnished apartment homes.
We stepped up and answered the call, providing construction financing, along with tax credit equity and an $850,000 Affordable Housing Program (AHP) grant in conjunction with the Federal Home Loan Bank of Chicago (FHLBC). These funds allowed The Habitat Company to substantially rehab East Park Apartments and ensure that 153 units of quality housing, targeting homeless veterans, will remain affordable for the next 30 years.
CIBC Housing initiative
Our innovative housing initiative increases access to much-needed capital in communities by providing flexible construction financing to local developers. We offer everything from technical assistance, homeownership counseling, below market-rate construction loans, mortgage loans and down payment assistance.
CIBC Affordable Housing awards
CIBC provides affordable housing awards to organizations in Chicago, Detroit, Milwaukee and St. Louis. We give grants to Housing and Urban Development (HUD)-certified counseling agencies that work to make affordable housing accessible in their communities. The bank’s Community Lending team select these organizations based on their ability to support affordable housing programs. These organizations then use the funds to provide services such as homebuyer education and certification.
CIBC Affordable Multifamily Rental Housing Finance Program
The primary objective of our Affordable Multifamily Rental Housing Finance Program is to increase or preserve the affordable, rental housing stock in the communities we serve. We achieve this by offering innovative and tailored financing solutions to the developers of affordable housing. This allows them to build a complete financial package that consists of our products, coupled with any combination of subsidies, grants, low-income housing tax credits, project-based vouchers or Section 8 contracts from the U.S. Department of Housing and Urban Development.