KeyBank Provides $28.67MM to Affordable Housing Development for Seniors in St. Lawrence County
The Cambray Court Apartments supports seniors earning between 30 and 90 percent or less of area median income
CLEVELAND, January 28, 2016 /3BL Media/ — Today, KeyBank announced its total investment of $28.67MM in the Cambray Court Apartments, a 71-unit affordable housing project re-developed in partnership with Omni Housing Development LLC and managed by United Helpers to support seniors in St. Lawrence County, New York. The re-development will replace 72 flood-threatened garden style apartments with one accessible four-story energy efficient building. The property meets a high demand for affordable senior housing, where 13 percent of the population is 65 or older and 25 percent are living in poverty. In addition to Omni Housing Development and United Helpers, the rehabilitation involves Beardsley Architects and Engineers and Bette & Cring Construction Group.
Cambray Court Apartments will provide services for tenants in need of in-home care, with a preference given to the frail elderly and veterans. Fifty-two of the 71 units will be set aside for those earning 30-50 percent or less of the area median income; 13 units will be set aside for those earning at or below 60 percent of the area median income; five units will be set aside for those earning 80 percent of the area median income; and, one unit will be set aside for those earning 90 percent of the area median income.
"We are providing much needed housing for seniors, an often underserved community across the nation and one that is in need across St. Lawrence County,” said Robert Likes, national manager of Key’s Community Development Lending/Investment platform. “With the Cambray Court Apartments, KeyBank follows through on its commitment to provide safe, decent affordable housing and supportive services that stabilize and revitalize communities.”
The property absorbs the cost of electricity, water, sewer and garbage removal; maintains 87 well-lit parking spaces; and provides elevator access to each floor. Residents can also take advantage of a community room with a kitchen, laundry facilities on each floor, walking trails, a patio and a garden.
KeyBank provided $8.86MM of equity through Low Income Housing Tax Credits, $1.39MM in State Low Income Housing Tax Credits, a $9.91MM bridge loan, and a construction loan in the amount of $8.49MM. New York State Homes and Community Renewal (HCR) provided $1.8MM in Housing Trust Fund monies and allocated the Tax Credits.
“Cambray Court has a long tradition of serving the affordable senior housing needs of Gouverneur and St. Lawrence County. Omni Housing is proud to partner with local government and NYS Homes and Community Renewal and KeyBank to create energy efficient, high quality senior housing to serve this community for decades to come” said Duncan Barrett.
"It is crucially important that we support and care for the senior citizens who supported and cared for us," said Likes. "Here at KeyBank, we're both humbled and excited to invest in the Cambray Court Apartments and help make its positive impact possible in St. Lawrence County."
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 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.
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 had assets of approximately $95.1 billion at December 31, 2015. 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.
