CIBC supports Chicago Lighthouse project to bring affordable, supportive housing to Chicago's west side

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Sep 19, 2022, 08:00 ET

CHICAGO, Sept. 19, 2022 /PRNewswire/ - 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 and 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 be equipped with a doorbell and strobe one-way communication speaker, hard-wired audio and visual alarms in each bedroom, bathroom, and living space, and smoke/heat sensors, one-way communication speakers, and low-frequency sounders in each bedroom. The building will also include a roof deck, a spacious community room, an exercise/fitness room on the main floor and 1,500 sq. ft. 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."

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.

About The Chicago Lighthouse

‍Serving the blind, visually impaired, disabled, and Veteran communities through innovative education, rehabilitation, employment, assistive technology, and other programs, The Chicago Lighthouse is one of the nation's most comprehensive social service organizations. For additional information, visit www.chicagolighthouse.org.

About Brinshore Development, LLC

Brinshore Development, LLC., is an experienced real estate development firm with twenty-eight years of expertise based in Evanston, Illinois. As an industry leader, Brinshore excels at creating diverse teams to transform the most complex development challenges into well-designed and vibrant communities. Brinshore's current portfolio includes 10,000 affordable rental housing units valued at more than $1.5 billion in fifteen states and the District of Columbia. For more information, visit www.brinshore.com.

Private banking is offered by CIBC Bank USA, Member FDIC and Equal Housing Lender. CIBC Bank USA and CIBC Private Wealth Group, LLC are both indirect, wholly owned subsidiaries of CIBC. 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. All loans subject to credit approval. The Certified Wealth Strategist^® education and designation are administered by Cannon Financial Institute. The CWS^® Board of Standards awards credentials to individuals who successfully complete initial and ongoing certification requirements. The Certified Financial Planner Board of Standards Inc. owns the certification marks CFP^® and CERTIFIED FINANCIAL PLANNER^™ in the US.

SOURCE CIBC