CIBC celebrates grand reopening of Carlton Apartments in support of affordable housing

CHICAGO, JUNE 7, 2023 — CIBC is pleased to announce the completion of the comprehensive renovation of Carlton Apartments, a 68-unit supportive housing and single-room occupancy project. The project primarily serves individuals who have experienced or are at risk for homelessness, as well as persons with special needs. 

“The completion of the Carlton Apartments rehab project is a significant achievement for all involved, and we are proud to have played a role in preserving this valuable affordable housing resource,” said Tony Hernandez, head of Community Investment at CIBC Bank USA. “Our investment underscores CIBC’s strong commitment to supporting the growth and stability of communities by ensuring that families have access to safe, affordable housing, which is critical to their overall well-being and economic security.”

CIBC contributed $12.3 million in an equity investment and more than $7.6 million in financing. CIBC also sponsored an Affordable Housing Program (AHP) application to the Federal Home Loan Bank of Chicago that resulted in a $900,000 AHP grant towards the project. This financing allowed for the preservation of 68 single-room occupancy units through significant rehab efforts on the aging property, including upgrading the mechanicals, unit interior finishes (fixtures, flooring, counters and cabinets), refurbishing common areas, elevator replacement and structural repairs. In addition, four units that had previously shared a single bathroom were reconfigured to have private bathrooms in each unit, and new community spaces were added on the first floor. During the comprehensive renovation, none of the current residents were permanently displaced or faced a rent increase.

“We are proud to have worked with our partners to make this project a reality,” said Hernandez. “Together, we can continue to help break the cycle of poverty and increase opportunities for all members of our communities to thrive.”