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News Releases


BMO HARRIS BANK PARTNERS WITH LUCHA TO CREATE NEIGHBORHOOD REDEVELOPMENT

BMO HARRIS BANK PARTNERS WITH LUCHA TO CREATE NEIGHBORHOOD REDEVELOPMENT
Provides $4.7 Million to renovate 47 Units of Affordable Housing

CHICAGO, IL (April 20, 2012) - 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 Departmen t 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.

ABOUT BMO HARRIS BANK
Based in Chicago, BMO Harris Bank N.A. provides a broad range of personal banking products and solutions through over 650 branches and approximately 1,350 ATMs in Illinois, Wisconsin, Indiana, Kansas, Missouri, Minnesota, Nevada, Arizona and Florida. BMO Harris Bank's commercial banking team provides a combination of sector expertise, local knowledge and mid-market focus throughout the U.S. Deposit and loan products and services provided by BMO Harris Bank N.A. Member FDIC. BMO Harris BankSM is a trade name used by BMO Harris Bank N.A. BMO Harris Bank is part of BMO Financial Group, a North American financial organization with 1,600 branches, and a retail deposit base of approximately $180 billion.

BMO Harris Bank is a trade name used by BMO Harris Bank N.A. Banking deposit and loan products and services are provided by BMO Harris Bank N.A. Member FDIC. Brokerage products are offered through Harris Investor Services, Inc. (HIS), a registered broker/dealer, member FINRA/SIPC, and SEC-registered investment advisor. Insurance products are offered through Harris Bancorp Insurance Services, Inc. (HBIS). Investment banking services are provided by BMO Capital Markets Corp. (BMOCMC) and BMO Capital Markets GKST, Inc. (GKST), a Municipal Bond Dealer and member FINRA and SIPC. Fina ncial planning and investment advisory services are provided by Sullivan, Bruyette, Speros & Blayney, Inc. (Harris SBSB), an SEC registered investment advisor. Family Office Services are provided by Harris myCFO, Inc. Investment advisory services are offered by Harris myCFO Investment Advisory Services LLC (Harris myCFO), an SEC-registered investment advisor and wholly-owned subsidiary of Harris myCFO, Inc. Stoker Ostler Wealth Advisors (Stoker Ostler) is an SEC-registered investment advisor. Investment advisory services to institutional clients are provided by Harris Investment Management (HIM) or its wholly-owned subsidiary HIM Monegy (Monegy), SEC-registered investment advisors. Products offered by HIS, HBIS, BMOCM, Harris SBSB, Harris myCFO, Stoker Ostler, HIM, and Monegy, which are affiliated companies and wholly owned subsidiaries of BMO Financial Corp.,: Are not insured by the FDIC or any Federal Government Agency, not a deposit of or guaranteed by any Bank or Bank Affiliate, may lose value. The purchase of insurance or an annuity is not a condition to any bank loan or service. Not all products and services are offered in every state and/or location.




For further information:

Vanessa Hall, Vanessa1.Hall@harrisbank.com (312) 461-6543


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Banking products and services are provided by BMO Harris Bank N.A. and are subject to bank and credit approval. BMO Harris Bank N.A. Member FDIC.

 

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