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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KeyBank and Avalon Housing.

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Philanthropy & Cause Initiatives

KeyBank, NeighborWorks and The Fair Housing Center Collaborate to Expand Access to Home Loans for Single-family Properties Throughout Toledo
KeyBank, NeighborWorks Toledo Region and The Fair Housing Center are partnering to make financing single-family homes easier and more affordable for low- to moderate-income individuals and families throughout the city of Toledo.

Philanthropy & Cause Initiatives

Keybank Secures $104.6 Million of Financing for Two Affordable Housing Properties in Texas
KeyBank Community Development Lending and Investment (CDLI) secured $104.6 million of financing for The NRP Group to develop two affordable multifamily housing properties in San Antonio.

Sustainable Finance & Socially Responsible Investment

Despite COVID-19, Affordable Housing Lending Remains Strong
“COVID-19 has impacted nearly every industry, and, with housing, it has brought additional light to the recognized need for more affordable housing,” according to Rob Likes, national manager of CDLI at KeyBank. Read more in the article.

Philanthropy & Cause Initiatives

KeyBank to Provide $13M in Financing for Mixed-Use Development in Cleveland
KeyBank has put together $13 million in financing for NRP Group's affordable housing development on the campus of MetroHealth in the Clark-Fulton neighborhood of Cleveland.

Sustainable Finance & Socially Responsible Investment

KeyBank Finances $50.4 Million for the Construction of Multifamily Affordable Housing in Boulder, CO
KeyBank announced today $50.4 million in total combined financing for a tax-exempt bond transaction to support Koelbel & Company’s construction of Diagonal Crossing. Diagonal Crossing is a 105-unit garden-style apartment community that is income-restricted for families earning at or below 60% AMI in Boulder, CO.

Sustainable Finance & Socially Responsible Investment

KeyBank Secures $37.1 Million in Combined Financing for Multifamily Workforce Property in Orlando
KeyBank announced today $37.1 million in total combined financing to support the refinancing of Castilian Apartments in Orlando, FL by Dominium, one of the largest affordable housing development and management companies in the United States.

Sustainable Finance & Socially Responsible Investment

KeyBank Provides $70 Million in Combined Financing for 241 Units of Affordable Seniors Housing in Lacey, WA
KeyBank Community Development Lending and Investment (CDLI) provided $70 million in combined construction and permanent loan financing to AVS Communities for the Reserve at Lacey, a 241-unit affordable housing property serving seniors aged 55 or older who earn 60% of the area median income (AMI). Reserve at Lacey is in Lacey, WA.

Sustainable Finance & Socially Responsible Investment

KeyBank Closes $24.5 Million in Financing for the Renovation of 647 Affordable Housing Units in the Bronx
KeyBank Community Development Lending and Investment (CDLI) recently closed $24.5 million in total financing for the Gilbane Development Company’s acquisition and renovation of two New York City Housing Authority (NYCHA) properties, Highbridge Franklin and Twin Parks West, to preserve 647 units of permanent affordable housing in the Bronx, NY.

Sustainable Finance & Socially Responsible Investment

KeyBank Arranges $28.4 Million in Financing for the Preservation of Affordable Housing in San Antonio
KeyBank announced today arranging $28.4 million in a Fannie Mae affordable housing preservation refinance loan for Commonwealth Multifamily Housing Corporation (“Commonwealth”) for the benefit of White Rock Apartment Homes, a multifamily, 336-unit mixed-income property in San Antonio, TX. The refinance replaces two series of tax exempt bonds issued by the Texas State Affordable Housing Corporation more than 17 years ago to develop and construct the property and provides over $2 million in capital for roof replacements and other improvements that will enhance White Rock’s role as Commonwealth’s flagship property. More importantly, the property will continue to provide its historical and much needed affordable housing in the city.

Sustainable Finance & Socially Responsible Investment

KeyBank Finances the Construction of Affordable Housing for Low- to Moderate-Income Households in Portage, MI
KeyBank provided and arranged a total of $17.4 million in Low-Income Housing Tax Credit (LIHTC) financing to Full Circle Communities for the construction of Selinon Park Apartments, providing 75 affordable housing units serving households that earn 30% and 60% area median income (AMI) in Portage, MI.
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