KeyBank Provides $12.7 Million to Preserve Affordable Housing in Albany, NY

CLEVELAND, Aug. 21, 2017 /3BL Media/— KeyBank Community Development Lending & Investment (CDLI) has partnered with Riverside Capital to provide a $12.7 million LIHTC equity investment to help Michaels Development Company rehabilitate Skyline Gardens Apartments, an existing affordable housing development for families in Albany, NY.

Skyline Gardens Apartments features 188 LIHTC regulated units serving families that earn up to 60% AMI. Of these units, 131 will be covered by a 20-year Housing Assistance Payments contract allowing families who are eligible for the HAP subsidized units to pay no more than 30 percent of their income toward rent.

Skyline Gardens Apartments was originally built in 1973. It was last renovated more than 20 years ago.

The project will be financed with a combination of LIHTC equity and tax-exempt bonds provided by the New York State Housing Finance Agency (NYS HFA), a soft loan through the NYS HFA, a House NY Mitchell Lama subsidy loan and existing reserves.

Tori O’Brien of KCDC 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