CIBC is proud to announce its investment of $17.8 million towards the development of 4715 N. Western, an affordable housing initiative aimed at addressing the growing need for affordable housing options in the community. The project will also receive a construction loan of $18.96 million and a permanent loan of $3.9 million.
The new construction mixed-use project will consist of 63 affordable housing units, ranging from studio to two-bedroom apartments. Additionally, it will include 5,500 square feet of retail space. Located strategically across the street from a Chicago Transit Authority Brown-line stop, the project is designated as a transit-oriented development, which means a reduced number of parking spaces for residential units. The project will provide a total of 36 parking spaces, including 18 for public use, in order to promote sustainable transportation options.
The total development cost for this initiative is $48 million, and it aims to make a significant impact on the community by offering affordable housing in an upper-income census tract. This location provides easy access to local jobs and public transportation to downtown.
The Chicago Housing Authority is also providing crucial support to this project through a new 20-year rental assistance contract. With 16 projected base vouchers, households residing in these units will only be required to pay 30% of their total income towards rent and utilities.
CIBC believes that access to affordable housing is fundamental and essential for individuals and families. It not only provides a roof over people’s heads but also creates stability, fosters economic growth, and promotes social cohesion. They are thrilled to support initiatives like 4715 N. Western that bring these benefits to the community.
CIBC is a leading North American financial institution with 13 million personal banking, business, public sector, and institutional clients. They offer a full range of services across Canada, the United States, and globally. In the US, CIBC Bank USA provides commercial banking, private and personal banking, while CIBC Private Wealth offers investment management and wealth strategies.