How BMO is helping build resilient communities across North America
At BMO, we recognize the need to invest in and support the communities we serve. We’re proud of our team’s ability to create lasting relationships and provide financing solutions that enable organizations to drive progress in their communities from the ground up and make a difference in the lives of those who live there.
As part of our Community Development Commitment, we take a consultative approach to help guide in the process of structuring financing for projects in low- and moderate-income communities. Recently our Commercial teams partnered with two organizations bringing affordable housing in two communities in Ontario and Illinois:
Increasing affordable housing for Indigenous peoples in Ontario
Earlier this month, BMO closed a deal with Ontario Aboriginal Housing Services (OAHS) for a material upsize in its available credit to increase the number of homes under its ownership and enhance their portfolio of safe and affordable housing for First Nation, Inuit and Métis people living in urban and rural areas of Ontario. This increase would allow for OAHS to expand their services into multi-unit, mixed properties alongside their existing single-family dwellings portfolio.
The BMO Commercial Bank team in Canada worked over 10 months to review, structure, and approve an incremental CAD$50 million acquisition line, increasing OAHS’ overall authorization to approximately CAD$65 million. The OAHS also decided to move their cash management business to BMO, expanding our successful lending partnership and bringing a balance of approximately CAD$15-20 million to our Treasury business.
Listen to the Sustainability Leaders podcast to learn more about Ontario Aboriginal Housing Services and how they are solving Canada’s dire need for safe and affordable housing.
Bringing affordable family housing to Chicago’s Pilsen Neighborhood
Last month, BMO joined The Resurrection Project for a ribbon cutting on their newest 53-unit multi-family affordable rental housing development, Casa Durango. The development is a 53-unit multi-family affordable rental housing development across two properties in Chicago’s Pilsen neighborhood. BMO Community Capital Solutions provided a construction loan to finance the acquisition and construction of the two multi-story buildings providing affordable rental opportunities for households earning between USD$16,860 and USD$62,520 annual income for a family of four.
BMO has a longstanding relationship with The Resurrection Project and provided a construction loan to finance the acquisition and construction of Casa Durango. Additionally, The National Equity Fund placed the deal into a closed, multi-investor fund, National Equity Fund 2020 Series II LIP, which BMO Community Capital Solutions is an investor in the fund.