Key Supports Affordable Housing

KeyBank Community Development Lending and Investment helps fulfill Key’s purpose to help clients and communities thrive by financing projects that stabilize and revitalize communities. Experts in complex tax credit investing, Key is one of a handful of affordable housing lenders in the country with a platform that brings together balance sheet, equity, and permanent loan offerings. In 2014, Key’s Community Development Lending and Investment platform provided nearly $400 million in debt and equity financing to developments in underserved communities. KCDC alone has a substantial portfolio with a current book value of more than $1 billion, 90% of which is Low Income Housing Tax Credit investment. For its ability to lend to, invest in, and serve its communities, especially low-to-moderate income communities, KeyBank, as of its last exam, was the first top U.S. bank to have earned eight “Outstanding” ratings from the Office of the Comptroller of the Currency (OCC), for exceeding the terms of the Community Reinvestment Act (CRA) exam.

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Sustainable Finance & Socially Responsible Investment

KeyBank Provides $9.6 Million to Ninth Permanent Supportive Housing Development in Cleveland
CLEVELAND, Ohio (October 18, 2016) — KeyBank’s Community Development Lending & Investing group (CDLI) announced it will provide $9.6 million in the form of Low Income Housing Tax Credit (LIHTC) equity to help finance Emerald Alliance IX in Cleveland, OH. Upon completion, the project will be renamed Inez Killingsworth Place and offer 66 units of permanent supportive housing plus supportive services to chronically homeless individuals making less than 30, 50 or 60 percent of the area median income.

Emerald Alliance IX is the ninth permanent supportive housing effort co-developed under the Cuyahoga County Housing First Initiative by the Cleveland Housing Network (CHN)and Emerald Development and Economic Network (EDEN).

Sustainable Finance & Socially Responsible Investment

KeyBank Provides $17MM to Patriot Station, Helps Shortage of Affordable Housing in White City, Oregon
KeyBank’s Community Development Lending and Investment (CDLI) group announced it will provide a total of $17MM to the Housing Authority of Jackson County (HAJC) to help develop 53 units of affordable housing for singles, couples, families and veterans making 50 percent of area median income. The development, named Patriot Station, is located in in White City, Oregon. Patriot Station participates in the VASH program, a HUD Housing Choice Voucher program that supports vulnerable, chronically homeless veterans. KeyBank provided a $9.3MM equity investment, facilitated by Beth Wirtz of Key Community Development Corporation (KCDC), and a $7.7 MM construction loan, facilitated by CDLI’s Aubre Dickson.

Sustainable Finance & Socially Responsible Investment

KeyBank Provides $16.2MM for 50 Units of Permanent Supportive Housing at Drexel House in Olympia, Washington
KeyBank announced it will provide a total of $16.2MM to help develop 50 units of permanent supportive housing for veterans and homeless individuals at Devoe II Housing. Living options will be provided for individuals making at or below between 30 and 50 percent of the area median income. The $16.2MM total is comprised of a $6.9MM construction loan and a $9.3MM equity investment. Aubre Dickson and Jennifer Seamons of Key’s Community Development Lending & Investing (CDLI) team arranged the financing.

Sustainable Finance & Socially Responsible Investment

KeyBank Invests $9.5MM to Help Develop More than 100 Affordable Units at St. Francis Park Apartments in Portland, Oregon
Today, KeyBank announced it will invest a total of $9.5 million in equity in the St. Francis Park Apartments in Portland, Oregon. The investment supports the development of 106 units of affordable housing for single persons and small households living at or below 60% area median income.

Innovation & Technology

KeyBank Provides $12 Million for Workforce and Affordable Housing Development in Niagara Falls, New York
Today, KeyBank announced it will provide a total of $12 million in capital to help develop the Niagara City Lofts in Niagara Falls, New York. The adaptive reuse project will convert an existing, abandoned public school, built in 1923 and vacant since 1986, into 61 units of workforce housing, affordable housing, market rate apartments, and a new commercial community space. The building has been submitted to the National Register of Historic Places for designation as a historic building.

Sustainable Finance & Socially Responsible Investment

KeyBank Provides $28.67MM to Affordable Housing Development for Seniors in St. Lawrence County
Today, KeyBank announced its total investment of $28.67 MM in the Cambray Court Apartments, a 71-unit affordable housing project re-developed in partnership with Omni Housing Development LLC and managed by United Helpers to support seniors in St. Lawrence County, New York.

Sustainable Finance & Socially Responsible Investment

KeyBank Assembles Senior Team to Expand Affordable Housing Platform to All 50 States
Key’s Community Development Lending and Investment (CDL/I) segment today announced the assembly of six senior-level leaders who will focus on affordble housing, lead a team of more than 50 professionals, drive the expansion of Key’s affordable housing platform from 12 to 50 states, and double the size of the business in the next three years. They will work under Robert Likes, who was named national manager of Key’s CDL/I segment in June.

Innovation & Technology

KeyBank Provides $13.8 MM to Affordable Housing Development in Oregon During Housing America Month
Today, KeyBank announced it will provide $13.8 million to support the development of Bascom Village Phase I, a 53-unit affordable housing complex sponsored by the St. Vincent de Paul Society of Lane County (SVDP) in Eugene, Oregon. The loan will support underserved families working to get ahead in a volatile labor market, and highlights the importance of quality housing options during Housing America Month this October.
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