KeyBank Provides $31.2 Million in Total Financing for Affordable Housing in Oregon
Cornerstone Apartments will provide workforce and homeless families affordable housing and supportive services
CLEVELAND, Aug. 23, 2017 /3BL Media/ —KeyBank Community Development Lending & Investment (CDLI) has provided a total of $31.2 million in financing to Mountain West Investment Corporation (MWIC) and its non-profit arm, Community Resource Trust (CRT), for the construction of Cornerstone Apartments in Salem, OR. Specifically, KeyBank financed a $13.9 million construction loan, an $8.9 million LIHTC equity investment and an $8.4 million Freddie TEL permanent agency execution. The 180-unit complex will offer workforce families and those experiencing homelessness affordable housing.
“At KeyBank, we dedicate ourselves to helping communities thrive by investing in affordable housing that creates opportunity,” said Rob Likes, national manager of KeyBank’s CDLI team. “Our partnership with MWIC and CRT, and our investment in Cornerstone Apartments, demonstrates our commitment to the hardworking families we serve and the homeless individuals who need our support.”
Cornerstone Apartments will set aside 144 units for workforce households earning at or below 60% Area Median Income (AMI). Thirty-six units will be set aside for those in transitional shelters who are seeking permanent housing and supported by the Department of Human Services (DHS).
“We believe access to adequate affordable housing options can have a transformative impact in communities we serve,” said Beth Hays, CEO of CRT. “We are thrilled to partner with KeyBank on the construction of Cornerstone Apartments.”
Cornerstone Apartments will offer on-site supportive and resident services, including case management and referral/application services through DHS, a preventative health care clinic through Northwest Human Services, adult English literacy courses, GED preparation, financial literacy and life skills classes, a food pantry and community gardens.
Easily accessible off-site amenities include mental healthcare, dental healthcare, and specialized care, along with educational programs like Head Start and Early Head Start and afterschool/summer programs administered by community partners such as the Boys and Girls Club and the YMCA.
“We are proud that our flexible CDLI lending platform allows us to offer clients the right financial solutions to meet community needs,” said Beth Palmer of KeyBank’s CDLI team.
Palmer arranged the financing with Aubre Dickson, also of KeyBank’s CDLI team.
About Community Resource Trust:
Community Resource Trust is a nonprofit corporation first established in 2011 as a land trust. In 2015, Beth Hays assumed a leadership role in the organization. Hays previously worked with Mountain West Investment Corporation’s philanthropic arm, which has been responsible for the construction and funding of the Career Technical Education Center (CTEC)—a public/private partnership with the Salem-Keizer School District led by Chuck Lee of Mountain West Career Technical Institute. Since 2015, Community Resource Trust has served as the nonprofit fiscal agent for CTEC. Hays says that Cornerstone is the organization’s first affordable housing project.
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'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
