Key Supports Affordable Housing

KeyBank Community Development Lending and Investment helps fulfill Key’s purpose to help clients and communities thrive by financing projects that stabilize and revitalize communities. Experts in complex tax credit 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. In 2014, Key’s Community Development Lending and Investment platform provided nearly $400 million in debt and equity financing to developments in underserved communities. KCDC alone has a substantial portfolio with a current book value of more than $1 billion, 90% of which is Low Income Housing Tax Credit investment. For its ability to lend to, invest in, and serve its communities, especially low-to-moderate income communities, KeyBank, as of its last exam, was the first top U.S. bank to have earned eight “Outstanding” ratings from the Office of the Comptroller of the Currency (OCC), for exceeding the terms of the Community Reinvestment Act (CRA) exam.

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Sustainable Finance & Socially Responsible Investment

KeyBank Arranges $15.5 Million in Financing for Affordable Housing in Renton, WA
KeyBank’s Community Development Lending & Investment (CDLI) team has provided a $15.5 million bridge to HUD loan for the Royal Hills Apartments, a 284-unit multifamily property located in Renton, WA. Of the 284 units, 281 are designated affordable housing for individuals and families making at or below 45% AMI; however, 57 of these units are specifically set aside for individuals and families with disabilities making at or below 50% AMI.

Sustainable Finance & Socially Responsible Investment

KeyBank Arranges $18.2 Million in Total Financing to Preserve Affordable Housing in Troy, NY

Sustainable Finance & Socially Responsible Investment

Keybank Community Development Lending & Investment Provides $56.1 Million in Financing For Poppleton Project in West Baltimore
KeyBank Community Development Lending and Investment provided $56.1 million in FHA-insured 221(d)4 financing for the construction of Center/West Apartments, a large-scale redevelopment project which will revitalize the Poppleton neighborhood located in Southwest Baltimore.

Sustainable Finance & Socially Responsible Investment

Keybank Provides $54.5 Million for New Affordable Housing Units Near Seattle
KeyBank’s Community Development Lending & Investing (CDLI) group announced today it has provided $54.5 million to construct 256 4% LIHTC units at Puget Park, a fully affordable multifamily housing development in Everett, WA, 30 miles north of Seattle. The property will serve residents who earn 60% or less of the area median income.

Sustainable Finance & Socially Responsible Investment

KeyBank Provides $95.2 Million for Affordable Housing Development in Auburn, WA
KeyBank’s Community Development Lending & Investing (CDLI) group announced today it has provided $95.2 million in tax exempt bond financing to construct almost 600 units of 4% LIHTC affordable apartments in Auburn, Washington, called the Villas at Auburn and the Reserve at Auburn. Upon completion, the Villas at Auburn will offer 295 units of affordable housing for families; the Reserve at Auburn will offer 297 units of affordable housing for seniors. Both projects will serve residents making 60 percent or less of the area median income.

Sustainable Finance & Socially Responsible Investment

KeyBank Provides $9.6 Million to Ninth Permanent Supportive Housing Development in Cleveland
CLEVELAND, Ohio (October 18, 2016) — KeyBank’s Community Development Lending & Investing group (CDLI) announced it will provide $9.6 million in the form of Low Income Housing Tax Credit (LIHTC) equity to help finance Emerald Alliance IX in Cleveland, OH. Upon completion, the project will be renamed Inez Killingsworth Place and offer 66 units of permanent supportive housing plus supportive services to chronically homeless individuals making less than 30, 50 or 60 percent of the area median income.

Emerald Alliance IX is the ninth permanent supportive housing effort co-developed under the Cuyahoga County Housing First Initiative by the Cleveland Housing Network (CHN)and Emerald Development and Economic Network (EDEN).

Sustainable Finance & Socially Responsible Investment

KeyBank Provides $17MM to Patriot Station, Helps Shortage of Affordable Housing in White City, Oregon
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, facilitated by Beth Wirtz of Key Community Development Corporation (KCDC), and a $7.7 MM construction loan, facilitated by CDLI’s Aubre Dickson.

Sustainable Finance & Socially Responsible Investment

KeyBank Provides $16.2MM for 50 Units of Permanent Supportive Housing at Drexel House in Olympia, Washington
KeyBank announced it will provide a total of $16.2MM to help develop 50 units of permanent supportive housing for veterans and homeless individuals at Devoe II Housing. Living options will be provided for individuals making at or below between 30 and 50 percent of the area median income. The $16.2MM total is comprised of a $6.9MM construction loan and a $9.3MM equity investment. Aubre Dickson and Jennifer Seamons of Key’s Community Development Lending & Investing (CDLI) team arranged the financing.

Sustainable Finance & Socially Responsible Investment

KeyBank Invests $9.5MM to Help Develop More than 100 Affordable Units at St. Francis Park Apartments in Portland, Oregon
Today, KeyBank announced it will invest a total of $9.5 million in equity in the St. Francis Park Apartments in Portland, Oregon. The investment supports the development of 106 units of affordable housing for single persons and small households living at or below 60% area median income.

Innovation & Technology

KeyBank Provides $12 Million for Workforce and Affordable Housing Development in Niagara Falls, New York
Today, KeyBank announced it will provide a total of $12 million in capital to help develop the Niagara City Lofts in Niagara Falls, New York. The adaptive reuse project will convert an existing, abandoned public school, built in 1923 and vacant since 1986, into 61 units of workforce housing, affordable housing, market rate apartments, and a new commercial community space. The building has been submitted to the National Register of Historic Places for designation as a historic building.
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