By: Ashmar Mandou
Bank of America continues their commitment to invest in underserved neighborhoods with their announcement of Ogden Commons being one of the beneficiaries of their Community Development Banking program, a program designed to create affordable housing and provide exceptional healthcare services to families in need. A portion of the bank’s $7.8 billion in affordable housing financing went to support Ogden Commons, a development in the heart of the neighborhood that combines affordable housing with vital health care services. Ogden Commons, a partnership between The Habitat Company and Sinai Health, is designed to provide access to housing while ensuring residents have access to preventative and outpatient care. By pairing stable housing with essential health services, the initiative aims to reduce unnecessary hospital visits and improve long-term well-being for North Lawndale residents. Senior Relationship Manager, Community Development Banking for Bank of America Chris Nash spoke to Lawndale News about the importance of the Community Development Banking program and how he hopes the program will improve the lives of North Lawndale residents.
Lawndale News: Bank of America announced Ogden Commons, part of the North Lawndale community, as one of the beneficiaries of a significant investment in affordable housing and healthcare. What was the process of selecting the Ogden Commons to be one of the beneficiaries?
Chris Nash: Bank of America has a long history of helping to build strong, safe communities through affordable housing and economic opportunities in Chicago and across the country. The selection of the Ogden Commons investment was based on several factors, including the development’s dual approach to housing and healthcare, which represents a unique value proposition for the community. It’s location in the North Lawndale community, within a key market like Chicago, as well as the unwavering support from the developer and project sponsors were also important factors. We’re confident that Ogden Commons will have a positive and lasting impact on the North Lawndale community and its residents for generations to come.
Lawndale News: What does the North Lawndale community represent to Bank of America?
CN: Bank of America is deeply committed to Chicago and, by extension, to the city’s West Side. Bank of America’s Community Development Banking investments that support affordable, multi-family homes like Ogden Commons is a big part of that commitment, but our investments extend well beyond housing. Consider the bank’s longstanding partnerships with nonprofit organizations like the North Lawndale Employment Network, or the world-class Chicago 13.1 half marathon we host each summer to celebrate the beauty and diversity of our West Side neighborhoods. Supporting Chicago communities is core to what we do every day.
Lawndale News: The investment enables Ogden Commons to provide direct access to exceptional health services while providing stable housing for North Lawndale residents. How do you hope this investment improves the lives of residents in the North Lawndale neighborhood?
CN: Stable and affordable housing is a strong determinant of health and wellness, so pairing the two is a win-win. We believe that direct access to essential health services like preventative and outpatient care can help reduce unnecessary hospital visits and improve long-term well-being for North Lawndale residents.
Lawndale News: Talk to me about how this investment aligns with Bank of America’s ethos?
CN: Ogden Commons is just one of the many examples of how Bank of America’s Community Development Banking team provides innovative full-service lending solutions and services for affordable housing, community facilities and mixed-use commercial, retail, and residential real estate projects to build strong neighborhoods across the country.
Lawndale News: Are there upcoming housing/healthcare investments you are looking forward to unveiling this year?
CN: Bank of America is continually seeking new Community Development Banking investments in the Chicago market. In fact, we recently teamed up with Interfaith Housing Development Corporation and Claretian Associates Inc. to close on a new affordable housing development in South Chicago. Sacred Apartments is a five-story mixed use residential and commercial space consisting of 81 units of affordable housing. A portion of the units will be reserved for residents needing additional support and social services, while a grocery store is expected to occupy the commercial space, providing healthy food options for the residents and community.
Photo Credit: Bank of America
