KeyBank Provides $43 Million in Financing for Affordable Housing in Oregon
CLEVELAND, February 23, 2018 /3BL Media/ — KeyBank Community Development Lending & Investment (CDLI) has provided $43 million in construction financing to BRIDGE Housing Corporation (BRIDGE) for the development of 203 affordable housing units in the RiverPlace neighborhood of Portland, OR. The affordable housing project is the culmination of a competitive request for proposal process initiated jointly by the Portland Housing Bureau and Prosper Portland. National Equity Fund, Inc. is the Low-Income Housing Tax Credit limited partner of RiverPlace Housing 3 Limited Partnership (LP).
River Place Housing 3 LP represents Phase I of a two-phase project. Phase I will total 203 units, comprised of 70 studios and 81 one-bedroom, 47 two-bedroom and five three-bedroom apartments. The property will set aside 10 unsubsidized units for households earning 30% Area Median Income (AMI). Additionally, Home Forward has committed 70 Project Based Section 8 vouchers to the project and 10 vouchers for homeless veterans using the Veteran Affairs Supportive Housing program. All vouchers are targeted to households earning below 30% AMI. The remaining 111 units will be reserved for tenants earning 60% AMI. There are also two managers’ units.
About BRIDGE Housing Corporation:
BRIDGE Housing Corporation (BRIDGE) is a leading nonprofit developer and manager of affordable homes, specializing in the development of family and senior rental and for sale homes, and an array of revitalization, transit-oriented, urban infill and mixed use, mixed-income developments. Since it was founded in 1983, BRIDGE has participated in the development of over 17,000 units serving more than 40,000 people. BRIDGE operates in San Francisco, Orange County, San Diego, Portland and Seattle.
About Key Community Development Lending/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 $137.7 billion at December 31, 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, laura.mimura@key.com
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