CHICAGO, April 20, 2012 /PRNewswire/ -- BMO Harris Bank and the Latin United Community Housing Association (LUCHA) join local elected officials for a wall breaking ceremony celebrating the rehabilitation of Borinquen Bella Apartments. BMO Harris is extending a $4,700,000 construction loan to (LUCHA), a NFP developer, for the renovation of four existing multi-unit residential buildings.
The newly renovated properties will be known as Borinquen Bella L.P. and the funding will help to preserve 47 units of existing, affordable rental housing for low income families in the Humboldt Park neighborhood of the West Town community on the northwest side of Chicago. The overall project cost is approximately $12 million.
"Our funding represents a great opportunity to once again partner with LUCHA to preserve affordable housing units in Chicago's West Town Community," said Steve Quasny, Managing Director of Sales, Community Development Lending, BMO Harris Bank. "BMO Harris remains focused on providing resources for affordable housing and economic development through its Community Development Lending team and Community Investments Group."
Partnering in the project renovation is Illinois Housing Development Authority (IHDA) and the City of Chicago Department of Housing and Economic Development as well as other community development financial institutions such as Chicago Community Loan Fund (CCLF) and Local Initiatives Support Corporation (LISC).
Borinquen Bella L.P. renovations include: new kitchen flooring and kitchen counters, updated lighting, new doors, new bathroom vanities, newer appliances and refinished wood floors.
LUCHA is committed to its existing tenants and supports the renovation of these properties to ensure the presence of low-income families in a stable, ethnically and economically diverse neighbourhood that has experienced significant reinvestment over the last two decades.
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SOURCE BMO Harris Bank