CHICAGO, September 19, 2022 /PRNewswire/ — CIBC is proud to announce its support for a unique, affordable residential community for blind or visually impaired residents and military veterans.
CIBC’s community development team provides a total $27.9 million in the construction financing for The Foglia Residences, a partnership between The Chicago Lighthouse and Brinshore Development LLC. Also that of the bank $30.2 million Equity investments will create 76 units of affordable permanent supportive housing for families serving low-income residents with average incomes (AMI) of 80%, 60% and 30%, with one-third of the units reserved for those with incomes of or below 30% AMI.
“CIBC’s financial commitment to The Foglia Residences supports the affordability and safety needs of the visually impaired,” he said Michael G Capatides, Senior Executive Vice President and Group Head, US Region. “We are excited about this project because it is the first in the United States to provide this level of safety for our visually impaired and veteran communities.”
The Foglia Residences is a new 76-unit residential development in the Illinois Medical District Chicago’s west side and is the first project to be funded by the country’s low-income housing tax credits, specifically targeting households with blindness or low vision. Units will be fitted with a doorbell and flash one-way communication speaker, hard-wired audible and visual alarms in each bedroom, bathroom and living area, and smoke/heat sensors, one-way communication speakers and low-frequency sounders in each bedroom. The building will also include a rooftop terrace, spacious common room, exercise/gym on the ground floor and 1,500 square feet of retail space on the ground floor. An administrative office will be located on site.
CIBC has supported The Chicago Lighthouse for more than a decade and has nearly donated $140,000 to support their programs.
“With security and independence comes peace of mind,” said Capatides. “We strive to understand the unique needs and aspirations of community members and take pride in helping them succeed.”
About CIBC
CIBC is a leading North American financial institution serving 13 million individual, corporate, public sector and institutional customers. CIBC offers a comprehensive range of advice, solutions and services in The United Statesabove Canada and around the world. In the US, CIBC Bank United States of America offers 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
The Chicago Lighthouse serves the blind, visually impaired, disabled and veteran communities through innovative education, rehabilitation, employment, assistive technology and other programs and is one of the most comprehensive social service organizations in the nation. For more information, visit www.chicagolighthouse.org.
About Brinshore Development, LLC
Brinshore Development, LLC. is an experienced real estate development company with twenty-eight years of experience 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 more than 10,000 affordable rental homes $1.5 billion in fifteen states and the District of Columbia. Visit www.brinshore.com for more information.
Private banking is offered by CIBC Bank United States of America, Member FDIC and Equal Housing Lender. CIBC bank United States of America and CIBC Private Wealth Group, LLC are both indirect wholly owned subsidiaries of CIBC. The CIBC logo is a registered trademark of CIBC and is used under license. The investment products offered are not FDIC insured, may decline in value and are not bank guaranteed. All credits subject to credit approval. The certified wealth strategist® Education and designation are administered by the Cannon Financial Institute. The CWS® The Board of Standards awards credentials to individuals who successfully meet initial and ongoing certification requirements. The Certified Financial Planner Board of Standards Inc. holds the CFP certification marks® and CERTIFIED FINANCIAL PLANNER™ in the USA.
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SOURCE CIBC
