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CIBC Housing Initiative

CIBC Bank USA (Honorable Mention) - Chicago, Illinois

2021 Community Commitment Awards Submission

  • Entry Category: Affordable Housing
  • Asset Size: Medium

CIBC Bank committed to provide million in financing to small scale developers for the acquisition and rehabilitation of vacant, foreclosed, and abandoned single-family homes in low- and moderate-income census tracts. Upon completion, the homes are sold to homeowners, helping bring stability to the community and improving area home values. The program specifically targets local nonprofit and for profit developers from the community who hire local trades people, so it has an economic impact locally beyond just the sale of the home.

To date, CIBC has originated .6 million in construction loans to finance 44 properties, with an average loan size of ,000. These loans have financed the rehabilitation of homes in 22 Chicago community areas and four suburbs.