CHICAGO, SEPTEMBER 19, 2022 — CIBC is proud to announce its support for a unique, affordable housing community for blind or visually impaired residents and military veterans.
CIBC’s Community Development team is providing a total of $27.9 million in construction financing for The Foglia Residences, a partnership between The Chicago Lighthouse and Brinshore Development LLC. In addition, the bank’s $30.2 million equity investment will create 76 units of affordable permanent supportive housing for families that will serve low-income residents at 80%, 60% and 30% area median income (AMI) levels, with one third of the units reserved for those with income at or below 30% AMI.
“CIBC’s financial commitments to The Foglia Residences supports the needs of the visually impaired in terms of affordability and safety,” said Michael G. Capatides, Senior Executive Vice President and Group Head, US Region. “We are passionate about this project because it’s the first in the US to bring this level of security to our visually impaired and veteran communities.”
The Foglia Residences is a new construction of a 76-unit apartment building in the Illinois Medical District on Chicago’s west side. It is the first project financed by the Low-Income Housing Tax Credits in the country specifically targeted to households experiencing blindness or vision impairment. Units will have a doorbell, plus strobe one-way communication speaker and hard-wired audio and visual alarms in each bedroom, bathroom and living space. Bedrooms will also feature smoke and heat sensors and low-frequency sounders. The building will also include a roof deck, a spacious community room, an exercise and fitness room on the main floor and 1,500 square feet of ground-level retail space. A management office will be located on-site.
CIBC has been a supporter of The Chicago Lighthouse for more than a decade, donating nearly $140,000 to support their programs.
“With safety and independence comes peace of mind,” said Capatides. “We strive to understand the unique needs and ambitions of community members, and take pride in helping them achieve success.”