KeyBank Provides $4.4 Million in Financing for Multifamily Affordable Housing in New York
CLEVELAND, December 14, 2017 /3BL Media/ — KeyBank Community Development Lending & Investment (CDLI) has provided a $4.4 million Fannie Mae loan to Mt. Vernon Associates, LP, to renovate Greencourt Apartments, a 76-unit, multifamily affordable apartment complex in Mount Vernon, NY, with 59 units reserved for tenants earning no more than 60% AMI.
The property was constructed in 1926 and received LIHTC funding to help finance a substantial renovation in 1997.
John Gilmore IV and Jeff Rodman of KeyBank’s CDLI team arranged the financing.
About Key Community Development Lending/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. CDLI 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's roots trace back 190 years to Albany, New York. Headquartered in Cleveland, Ohio, Key is one of the nation's largest bank-based financial services companies, with assets of approximately $136.7 billion at September 30, 2017. Key provides deposit, lending, cash management, insurance, and investment services to individuals and businesses in 15 states under the name KeyBank National Association through a network of more than 1,200 branches and more than 1,500 ATMs. 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.
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