KeyBank Provides $10.3 Million for Construction of Affordable Housing in Port Angeles, WA
CLEVELAND, Aug. 3, 2017 /3BL Media/ —KeyBank Community Development Lending & Investment (CDLI) has provided $10.3 million in financing to Peninsula Housing Authority (PHA) for the new construction of Mt. Angeles View, located in Port Angeles, WA. The 63-unit LIHTC regulated property is Phase I of a four-phase development that will redevelop the existing Mt. Angeles View public housing community. The units are designated for families earning 30-60% AMI.
The original property was built in three phases between 1942 and 1969, and contains a mix of single-family homes, duplexes, and four-plexes, all operated as public housing by the PHA. Twenty-two existing units will be demolished to make way for 63 new units that will help meet increased demand for quality affordable housing in Port Angeles.
Victoria Quinn of KeyBank’s CDLI group arranged the financing.
About Key Community Development Lending and Investment
KeyBank Community Development Lending and Investment (CDLI) 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. CDLI has a substantial investment and loan portfolio worth more than $2 billion, 90% of which is Low Income Housing Tax Credit (LIHTC) projects. For its ability to lend to, invest in, and serve its communities –especially low-to-moderate income communities – KeyBank has earned eight consecutive “Outstanding” ratings on the Community Reinvestment Act exam, from the Office of the Comptroller of the Currency.
About KeyCorp.
KeyCorp's roots trace back 190 years to Albany, New York. Headquartered in Cleveland, Ohio, Key is one of the nation's largest bank-based financial services companies, with assets of approximately $135.8 billion at June 30, 2017. Key provides deposit, lending, cash management, insurance, and investment services to individuals and businesses in 15 states under the name KeyBank National Association through a network of more than 1,200 branches and more than 1,500 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.
Contact: Laura Mimura, (216) 471-2883, laura.mimura@key.com
