Brian Maddox, Community Development Financial Institutions Leader, Talks KeyBank's Commitment To Equitable Path Forward
KeyBank Community Development Lending and Investments (CDLI) recently provided a $20 million term loan to Enterprise Community Loan Fund Inc. to Equitable Path Forward, for a $3.5 billion nationwide initiative to advance racial equity in real estate development. The aim: To provide financing to minority developers keen on building affordable rental housing in marginalized communities.
Mortgage Professional America's Tony Cantu spoke with Brian Maddox, national team leader for KeyBank's Community Development Financial Institutions team about this initiative.
Anchoring the initiative is a $350 million Growth Fund composed of loans, equity, and grants, for Black, Indigenous and people of color (BIPOC) developers to support affordable and workforce housing projects across the United States. KeyBank’s partnership with Enterprise furthers its relationships with community development financial institutions (CDFIs), allowing financial institutions the opportunity to directly invest in projects that support racial equity in underinvested communities of color.
Read more about KeyBank’s commitment to affordable housing in the 2021 Environmental, Social, And Governance Report.
