KeyBank Partners With Cuyahoga County to Launch Key Cares Loan℠ Home Repair Lending Program

CLEVELAND, October 11, 2022 /3BL Media/ - KeyBank is partnering with Cuyahoga County to launch a new program that provides home repair assistance to eligible homeowners in Cuyahoga County. The Key Cares Loan^SM Program, in collaboration with the Home Repair Resource Center (HRRC), will be available starting October 11, 2022. It builds upon and replaces the Challenge Loan Program, which has offered home repair loan products to eligible owners of owner-occupied, single-family homes in Cleveland Heights for several decades.

The Key Cares Loan^SM can offer an unsecured home improvement loan of up to $15,000 for home repairs to homeowners who can afford a monthly payment but who may not be able to qualify for traditional bank financing.

“Cuyahoga County is proud to partner with KeyBank to provide this home repair lending program opportunity to residents interested in making improvements to their home to live safely and securely,” said Cuyahoga County Executive Armond Budish. “This program brings the County’s total investment across multiple home repair initiatives for residents to $5.7 million. Together, we’re helping ensure that all residents, in every neighborhood, can make improvements that help their house feel like a home for many years to come.”

“Owning and maintaining a home not only brings pride to individuals, families, and communities, but it’s also one of the best mechanisms to build wealth” said Eric Fiala, KeyBank Head of Corporate Responsibility & Community Relations. “We are pleased to partner with Cuyahoga County to make the Key Cares Loan^SM Program available to all county residents. This program will drive investment in neighborhoods in Northeast Ohio, and give neighbors and communities a tool that will create wealth by easing the burden of home repairs and maintenance.”

“For over 50 years, Home Repair Resource Center empowers homeowners to maintain their homes for sustainable and diverse communities,” said Keesha Allen, Executive Director at Home Repair Resource Center. “HRRC is excited to partner with KeyBank and Cuyahoga County through the Key Cares Loan Program and bring a vital tool for Northeast Ohio homeowners to use for home repairs. HRRC’s client focused approach provides technical assistance and project management to homeowners giving them ability to understand their homes maintenance needs and how to navigate the process of contracting and financing repairs, the foundation for achieving long term stability for their family, home and neighborhood.”

To apply for the Key Cares Loan^SM, owners of owner-occupied, single-family homes in Cuyahoga County must:

• Contact the Home Repair Resource Center to schedule a consultation and obtain a referral letter;
• Bring the referral letter to any KeyBank branch in Cuyahoga County, Ohio and apply for an unsecured home improvement loan through the Key Cares Loan^SM Program;
• If approved, the homeowner will receive continued support from the Home Repair Resource Center throughout the process, including repair classes and resources, and financial education and assistance.

Because we understand that purchasing and maintaining a home can be a daunting task for many, KeyBank regularly partners with organizations in our community to increase access to home ownership. These efforts help individuals build wealth while also addressing the wealth gap that exists between Black and White Americans. The new Key Cares Loan^SM is part of KeyBank’s ongoing effort to increase access to banking products and services in all Cuyahoga County communities, especially ones where minorities and low-to-moderate income individuals reside.

In addition, KeyBank regularly conducts detailed analysis to ensure we continue to meet the needs of our communities. Our analysis has found:

• KeyBank’s home lending applications and originations have increased in majority-minority census tracts (MMT) in the Cleveland MSA over the past three years.
• KeyBank’s loan originations have more than doubled in majority-minority census tracts since 2020 and outpaced the overall home lending in these areas over the same time period.

A majority-minority census tract is one where the population is at least 50 percent minority.

The Key Cares Loan^SM Program is part of KeyBank’s commitment to helping Northeast Ohio communities thrive. Since 2017, KeyBank has made more than $1.6 billion in investments in the region through its National Community Benefits Plan¹. This includes more than $451 million in home mortgage and home improvement lending to low- and moderate-income communities.

Other National Community Plan investments in Cleveland include:

• More than $798 million in affordable housing and community development projects including Glenville Circle North, Via Sana and Slavic Village Gateway.
• More than $309 million in small business loans to businesses that are part of low- and-moderate income communities.
• More than $78.9 million in transformational philanthropic investments in neighborhoods.

In addition, KeyBank’s KeyBus began its national tour in Cleveland in May 2022. The bus visited several neighborhoods in Northeast Ohio, providing community members greater access to banking and financial literacy through savings and checking account setups, financial wellness reviews and free classes. The bus is a fully self-contained computer lab and classroom on wheels.

KeyBank has earned 10 “Outstanding” ratings from the Office of the Comptroller of the Currency (OCC) on its Community Reinvestment Act (CRA) exam, for its commitment to lend, invest in and serve its communities, especially low to moderate income communities. Key was the first U.S. national bank among the 25 largest to be rated Outstanding 10 consecutive times since the Act’s passage in 1977.

• Learn more about how KeyBank gives back to the communities it serves

ABOUT KEYBANK

KeyBank's roots trace back nearly 200 years to Albany, New York. Headquartered in Cleveland, Ohio, KeyCorp is one of the nation’s largest bank-based financial services companies, with assets of approximately $187.0 billion as of June 30, 2022. Key provides deposit, lending, cash management, and investment services to individuals and businesses in 15 states under the name KeyBank National Association through a network of approximately 1,000 branches and approximately 1,300 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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KeyBank is member FDIC. Equal Housing Lender. NMLS# 399797

¹ Through December 31, 2021