CIBC announces affordable housing deal for Boulevard Apartments in Chicago

CHICAGO, JANUARY 22, 2024 — CIBC is proud to announce its latest affordable housing initiative, which includes a $17.6 million construction loan, $708,000 permanent loan and a $26 million investment in Boulevard Apartments Preservation, LP. This funding will be used for the acquisition and rehabilitation of the existing Boulevard Apartments in Chicago. The project aims to maintain 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,” said Tony Hernandez, head of Community Investment at CIBC Bank USA. “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.”

The project, which consists of three buildings including a mix of 70 units ranging from studio to four-bedroom units for residents earning less than 50% or 60% of the area median income (AMI), will undergo much-needed renovations and appliance replacements to enhance the living conditions for its residents. The scope of the renovation includes the rehabilitation of all units, common areas and building systems. The unit interiors will be modernized with new kitchens, baths and flooring, along with updated appliances. To improve energy efficiency, all units will receive new energy-efficient furnaces, centralized air conditioning with programmable thermostats and new low E-glass windows. Additionally, the buildings will each undergo roof repairs, masonry work and upgrades to electrical systems and light fixtures.

CIBC’s financing has a significant impact to the community. By transitioning the property from 100% units at 50% AMI to a mix of half at 50% AMI and half at 60% AMI, it expands the pool of future residents and ensures that existing residents will not be displaced.

“We are proud to partner with Boulevard Apartments Preservation and contribute to the conservation and improvement of affordable housing in Chicago,” said Hernandez. “Our investment aligns with our commitment to making a positive and lasting impact on the communities we serve.”