KeyBank Invests in New Affordable Senior Housing on Cleveland’s West Side

KeyBank, the City of Cleveland, and LISC Cleveland have taken a major step toward transforming the region’s affordable housing landscape with the groundbreaking of Walton Senior Apartments, the first of two investments launched under the Cleveland Housing Investment Fund, a new $100 million initiative designed to close long‑standing financing gaps and accelerate development across the city. This milestone marks the beginning of a series of strategic investments that will strengthen neighborhoods and create long‑term housing affordability for Cleveland residents.

A Model of Partnership Making Immediate Impact

Walton Senior Apartments represents what’s possible when public and private partners come together with a shared purpose. Developed in collaboration with Volker Development, Cuyahoga County, LISC Cleveland, and the City of Cleveland, the project demonstrates how aligned investments can address critical housing shortages while supporting seniors who want to remain rooted in their communities.

Meeting a Critical Need for Cleveland’s Older Adults

Located in the heart of the Clark‑Fulton neighborhood, the development will bring 52 new affordable homes for residents ages 55 and older. Twenty of those homes will include long‑term Section 8 Project‑Based Vouchers, ensuring deeply affordable rents for seniors living on fixed incomes. The project will help older adults maintain stability, dignity, and community connection, an essential part of aging in place.

KeyBank’s Investment in Cleveland’s Housing Future

As part of its commitment to expanding affordable housing, Key provided nearly $24 million in construction financing and Low‑Income Housing Tax Credit (LIHTC) equity through its CDLI platform and Key Community Development Corporation. This investment supports more than the construction of a building—it supports opportunity, security, and a stronger future for residents who have long contributed to the community.

A Foundation for More to Come

With Walton Senior Apartments leading the way, the Cleveland Housing Investment Fund is poised to spark additional development that expands access to safe, affordable housing across the city. This groundbreaking marks the first of many projects that will help reshape Cleveland’s housing landscape for years to come.

National Leadership in Affordable Housing

Ranked the #2 affordable housing lender in the nation, KeyBank continues to invest in developments that change lives and uplift communities. Each new project is a testament to Key’s belief that housing is the foundation for healthier, stronger neighborhoods—and that supporting communities means supporting the people who call them home.