CIBC invests in new affordable housing initiative

CHICAGO, AUGUST 1, 2023 — CIBC is pleased to announce its investment of $17.8 million, a construction loan of $18.96 million, and a permanent loan of $3.9 million for the development of 4715 N. Western, a transformative affordable housing initiative that aims to address the growing need for affordable housing options in the community.

This new construction mixed-use project is set to feature 63 affordable housing units, ranging from studio to two-bedroom apartments, along with 5,500 feet of retail space. Strategically located across the street from a Chicago Transit Authority Brown Line stop, the project is designated as a transit-oriented development project, allowing for a reduced number of parking spaces for residential units. With a total of 36 parking spaces, including 18 for public use, the project emphasizes sustainable transportation options.

“Access to affordable housing is a fundamental right for every individual and family, and it extends far beyond providing a roof over someone’s head,” said Tony Hernandez, head of Community Investment at CIBC Bank USA. “It creates stability, fosters economic growth and promotes social cohesion. We are thrilled to support initiatives like 4715 N. Western that bring these benefits to our community.”

At a total development cost of $48 million, the initiative seeks to make a significant impact on the community by providing affordable housing in an upper-income census tract, which is located in direct proximity to local jobs and public transportation with access to downtown.

The Chicago Housing Authority is also providing vital support to this project, offering a new 20-year rental assistance contract with 16 projected base vouchers. This will ensure that households occupying the units pay no more than 30% of their total income towards rent and utilities.

“Affordable housing is not just a basic necessity; it is the foundation for strong and resilient communities,” said Hernandez.