CIBC completes Larkin Affordable Housing Project, focused on meeting the needs of tenants with disabilities

Rhea-AI Summary

CIBC has completed its latest affordable housing project at 1212 Larkin Ave., Elgin, targeting families and individuals, particularly those with disabilities. The project includes 48 units, funded by a $10.6 million construction loan, which supports renovations and new construction. CIBC secured a $705,000 grant from the Federal Home Loan Bank of Chicago for this initiative. Over 40% of the units are dedicated to individuals with special needs, offering on-site supportive services to assist tenants facing homelessness and disabilities.

Positive

• Completion of a $10.6 million affordable housing project to support vulnerable populations.
• Secured a $705,000 federal grant to enhance project funding.
• Over 40% of units focused on tenants with special needs, providing critical support services.

Negative

• None.

CHICAGO, Oct. 29, 2021 /PRNewswire/ - CIBC today announced the completion of its latest affordable housing project, designed to supply much-needed affordable housing and storage for families and individuals, with a concentration of those with disabilities.

"We are committed to community restoration that helps transform the lives of others," says Cheryl Wilson, managing director and head of Community Development Lending at CIBC, US. "This project at 1212 Larkin Ave. in Elgin is a prime example of that dedication, and we look forward to the impact it'll make on so many in that community."

CIBC worked with Full Circle Communities to renovate 1212 Larkin LP, 48-unit project to include a mix of new and rehabilitated apartments and townhomes. Additionally, CIBC sponsored an Affordable Housing Program application for a $705,000 grant from the Federal Home Loan Bank of Chicago, which was awarded to Full Circle.

The $10.6 million construction loan was for the acquisition and historical rehabilitation of the prior Larkin Building, as well as for the new construction of additional townhome units. The buildings serve vulnerable populations struggling with homelessness and disabilities, and provides on-site supportive services to tenants. With over 40% of the units targeted to individuals with special needs, Full Circle's mission is to assist tenants by providing supportive case management services and employment counseling on-site, in addition to safe, affordable housing.

"Affordable housing is one of the fundamental elements of creating stability within communities and for families," said Beth Witczak, head of CIBC US Community Development. "We are pleased to partner with organizations like Full Circle to provide the funding that brings quality and accessible housing to our communities."

About CIBC

CIBC is a leading North American financial institution with 10 million personal banking, business, public sector and institutional clients. CIBC offers a full range of advice, solutions and services in the United States, across Canada and around the world. In the US, CIBC Bank USA provides commercial banking, private and personal banking and small business banking solutions and CIBC Private Wealth offers investment management, wealth strategies and legacy planning. Visit us at cibc.com/US.

For further information:

Kristy L. Daube, Director, US Media Relations, 770-617-0591, kristy.daube@cibc.com.

The CIBC logo is a registered trademark of CIBC, used under license. Member FDIC and  Equal Housing Lender.

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SOURCE CIBC