KeyBank Provides $8.3 Million in Total Financing for Affordable Housing in Cincinnati
Morgan Apartments will serve families earning between 30% and 60% AMI
CLEVELAND, November 27, 2017 /3BL Media/ - KeyBank Community Development Lending & Investment (CDLI) has provided a total of $8.3 million in 9% LIHTC financing to The Model Group, Inc. and Over-the-Rhine Community Housing, Inc. (OTRH) for the acquisition and renovation of Morgan Apartments, a 48-unit scattered site, affordable multifamily housing project in Cincinnati, OH. KeyBank arranged a $7.8 million construction loan and a $450,000 permanent loan, using the FHLB of Cincinnati’s Community Investment Program (CIP).
“KeyBank is dedicated to working with community organizations that provide affordable housing options to hard-working families,” said Rob Likes, national manager of KeyBank’s CDLI team. “Our partnership with The Model Group and OTRH shows we are diligent about bringing community partnerships and affordable housing to Cincinnati.”
The project features six vacant, historic buildings with zero to five-bedroom units reserved for families earning between 30% and 60% AMI. All units will be covered by a HAP contract. The Ohio Capital Corporation for Housing (OCCH) provided the LIHTC, federal historic tax credit and state historic tax credit equity for the project.
“The Model Group is dedicated to preserving historic buildings and positively transforming communities,” said David Thompson, Director of Development for The Model Group. “We are excited to work with KeyBank again on another revitalization project in the city of Cincinnati, providing our neighbors with quality affordable housing options.”
The Morgan Apartments will also offer early childhood education, before and after school care, credit counseling, financial literacy programs, education assistance, job training and placement assistance through OTRH.
“Over-the-Rhine Community Housing is committed to developing projects that build an inclusive community and benefit low-income residents. We believe offering supportive affordable housing options has the power to transform communities,” said Ashleigh Finke, Director of Real Estate Development for OTRCH. “Our collaboration with KeyBank on the Morgan Apartments Project is critical to our mission and furthering the positive impact of our work in the neighborhood.”
Kelly Frank of KeyBank’s CDLI team arranged the financing.
“We are proud to leverage the CDLI lending platform and provide financing to revitalize six historic buildings in Cincinnati that will make more affordable housing options available to the community,” said Frank.
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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