KeyBank Provides $17MM to Patriot Station, Helps Shortage of Affordable Housing in White City, Oregon
Patriot Station will include 53 units of affordable housing; 18 for chronically homeless veterans making 50 percent of the area median income.
CLEVELAND, Ohio June 21, 2016 /3BL Media/ — Today, 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 and a $7.7 MM construction loan, which were facilitated by Beth Wirtz and Aubre Dickson of Key’s Community Development Lending and Investment segment.
“Our flexible CDLI platform serves a range of needs in the affordable housing space with construction loans, agency and HUD permanent mortgage executions, and equity investments through the Low Income Housing Tax Credit (LIHTC) program,” said Robert Likes, national manager of KeyBank’s CDLI team. “We appreciate the work of the Housing Authority of Jackson County. We’re proud to collaborate with them and partners, such as HUD’s VASH program, who are dedicated to alleviating issues like chronic homelessness.”
“The Housing Authority of Jackson County is excited to announce the construction of 53 new units of highly needed, affordable housing units to the White City community,” said Jason Elzy, director of development at HAJC. “Jackson County, along with many Oregon communities, is severely plagued with a shortage of rental housing. Patriot Station will be a valuable community asset providing highly needed housing for both homeless veterans and working families of the Rogue Valley.”
Residents at Patriot Station will have access to supportive services in four core areas: veteran affairs, youth services, community asset services and adult and family-centered services. Veterans will benefit from long-term clinical case management in medical, psychiatric and legal services, substance abuse treatment and medication management through VASH. Youth will benefit from after school programs and summer camps including homework help, sports and recreation, arts and crafts, games, leadership development, education and career development and volunteer opportunities through Kids Unlimited. Services for adults and families include computer training courses, first time homebuyer assistance, financial management, career building and household management services through the local Rogue Community College. Other asset services include a tenant association that will promote resident engagement in the community. These services will be administered, overall, by the Housing Authority of Jackson County.
“Our team is always proud to invest in a project that not only creates affordable housing options, but also provides residents with a range of crucial supportive services,” said Likes. “At KeyBank, we are deeply committed to helping the communities where we live and work thrive.”
Patriot Station is conveniently located near local employers, services and public transportation.
About Key Community Development Lending and Investment:
KeyBank Community Development Lending and Investment (CDLI) helps fulfill Key’s purpose to help clients and communities thrive by financing projects that stabilize and revitalize communities. Experts in complex tax credit lending and 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. CLDI has a substantial investment and loan portfolio worth more than $2 billion, 90% of which is Low Income Housing Tax Credit (LIHTC) projects. For its ability to lend to, invest in, and serve its communities –especially low-to-moderate income communities – KeyBank has earned eight consecutive “Outstanding” ratings on the Community Reinvestment Act exam, from the Office of the Comptroller of the Currency.
KeyCorp was organized more than 160 years ago and is headquartered in Cleveland, Ohio. One of the nation's largest bank-based financial services companies, Key had assets of approximately $98.4 billion at March 31, 2016. Key provides deposit, lending, cash management and investment services to individuals and small and mid-sized businesses in 12 states under the name KeyBank National Association. Key also provides a broad range of sophisticated corporate and investment banking products, such as merger and acquisition advice, public and private debt and equity, syndications and derivatives to middle market companies in selected industries throughout the United States under the KeyBanc Capital Markets trade name. For more information, visit https://www.key.com/. KeyBank is Member FDIC.