CIBC supports accessible housing with new project in Geneva, IL

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May 24, 2023, 08:00 ET

CHICAGO, May 24, 2023 /PRNewswire/ - CIBC is proud to announce the completion of a new affordable housing project in Geneva, IL, addressing the significant deficiency of affordable housing in the area. The project, Emma's Landing, provides 45 units of affordable housing, including seven units that have been specifically designed for low-income people with disabilities.

"At a time when affordable housing is in short supply, we are pleased to have been a part of this project," said Cheryl Wilson, managing director and head of Community Development Lending at CIBC, US. "We recognize the importance of providing safe and affordable housing for all, and we are proud to have played a role in making this project a reality."

CIBC played a meaningful role in the development of Emma's Landing, providing financing $36.4 million in debt and equity to the project. The bank also helped the property secure a $675,000 Federal Home Loan Bank of Chicago Affordable Housing Program grant as a result of their involvement.

The property includes a total of 45 units, all of which are tax credit units set aside for households earning 30%, 50%, and 80% of the AMI. The Property will consist of 12 two-story townhome buildings with three and four units each and will include 15 two-bedroom/two-bathroom units and 30 three-bedroom/2.5-bathroom units. Amenities will include two-car attached garages per unit, in-unit washer/dryers, looped walking paths, dedicated visitor parking, and a playground.

"The completion of Emma's Landing marks a significant milestone for the community, and we are proud to help create much needed affordable housing options, especially in an area where they are scarce," said Wilson.

Over the last six years, CIBC has provided over $500 million in financing throughout Chicagoland, mostly focused on affordable housing. Together with their partners, they have created or rehabilitated over 3,200 units to address this critical need.

About CIBC

CIBC is a leading North American financial institution with 13 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.

Member FDIC and Equal Housing Lender. Loans are subject to credit approval. The CIBC logo is a registered trademark of CIBC, used under license. Investment Products Offered are Not FDIC-Insured, May Lose Value and are Not Bank Guaranteed.

SOURCE CIBC