KeyBank Invests $9.5MM to Help Develop More than 100 Affordable Units at St. Francis Park Apartments in Portland, Oregon
The St. Francis Park Apartments will make housing available to low-income victims of domestic violence and the homeless
CLEVELAND, April 25, 2016 /3BL Media/ — 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. The St. Francis Park Apartments will maintain a preference for 25 households that are experiencing homelessness or are victims of domestic violence.
“At KeyBank, our Community Development Lending and Investment Team is always seeking opportunities to help meaningfully impact the neighborhoods where we live and work,” said Robert Likes, national manager of CDLI. “With the St. Francis Park Apartments, we hope to provide at-risk individuals and families with a safe haven they can call their own.”
Home Forward Executive Director Michael Buonocore states, “The St. Francis will provide safe and permanent homes to some our most vulnerable neighbors. The property will be an amazing addition to our community and we think this is a building that everyone in Portland will be proud of. Catholic Charities and Key Bank are wonderful partners and Home Forward is proud to be a co-developer in this effort.”
The St. Francis Park Apartments will offer affordable housing close to an increasingly expensive downtown in the midst of revitalization. Residents will easily access local resources such as public transit, public schools, a community college and local university, a health clinic and employment services. They may also utilize supportive services administered on-site by the Catholic Charities, an organization committed to supporting women and children who have experienced domestic violence. Services include: housing placement, moving and rent assistance, one-on-one and group counseling for adults and children, referrals for mental and physical health issues and job readiness and placement support.
“We are excited that this project will provide affordable housing to people transitioning from homelessness, as well as survivors of domestic violence, said Executive Director at Catholic Charities, Rick Birkel. “These services are core to our mission. We are grateful to Home Forward, St. Francis of Assisi Catholic Church, the City of Portland, and KeyBank for partnering with Caritas Housing in building this project.”
In addition to its convenient location and supportive services, the St. Francis Park Apartments will feature a garden and provide food for participating residents through the church kitchen. It is aiming for a Gold certification from the Earth Advantage Program.
“Every day, we’re identifying opportunities to invest in our communities,” said Beth Wirtz, the KeyBank relationship manager who facilitated the investment. “We want to facilitate a fresh start for those strong individuals working to overcome homelessness and domestic violence.”
About Key Community Development Lending/Investment
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 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. In 2015, Key’s Community Development Lending and Investment platform provided nearly $1 billion in debt, equity, and permanent 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.
About KeyCorp
KeyCorp was organized more than 160 years ago and is headquartered in Cleveland, Ohio. One of the nation's largest bank-based financial services companies, Key has assets of approximately $98.4 billion at March 31, 2016. Key provides deposit, lending, cash management and investment services to individuals, small and medium-sized businesses under the name of KeyBank National Association. 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.
