KeyBank Provides $45.4 Million of Financing for New Affordable Housing in Oak Harbor, WA.

CLEVELAND, July 31, 2024 /3BL/ – KeyBank Community Development Lending and Investment (CDLI) provided $17.9 million in low income housing tax credit equity (federal), and a $19.3 million construction loan for the construction of Camas Flats, a new affordable housing in Oak Harbor, WA. KeyBank Commercial Mortgage Group also arranged a $8.2 million Fannie Mae MTEB permanent loan for the project.

The sponsor for the project, Shelter Resources, Inc. is an experienced affordable housing developer based in Bellevue, Washington. Opportunity Council (OC) will service as the non-profit general partner for this project, providing supportive services and case management to tenants on site. OC’s mission is to help people improve their lives through education, support, and direct assistance while advocating for just and equitable communities.

Camas Flats will consist of ten garden style walk-up apartment buildings, providing one-bedroom, two-bedroom, and three-bedroom units, as well as one manager’s unit. Residents will also have the use of a large playground and park and an expansive community building on-site.

Camas Flats provides 81 units of much needed affordable housing for those earning no more than 30%-80% of the area median income. Additionally, project will include eight units that are specifically Permanent Supportive Housing (PSH) for those experiencing homelessness and two units for Veterans. For the PSH units, OC will offer full time case management services that are focused on wellness, medical and behavioral health with specialists as warranted.

Kortney Brown and Caleb Stephens of KeyBank CDLI structured the financing for the transaction. Brad Tucker of KeyBank Commercial Mortgage Group facilitated the permanent loan placement.

About KeyBank Community Development Lending and Investment

KeyBank Community Development Lending and Investment (CDLI) finances projects that stabilize and revitalize communities across all 50 states. As one of the top affordable housing capital providers in the country, KeyBank’s platform brings together construction, acquisition, bridge-to-re-syndication, and preservation loans, as well as lines of credit, Agency and HUD permanent mortgage executions, and equity investments for low-income housing projects, especially Low-Income Housing Tax Credit (LIHTC) financing. KeyBank has earned 11 consecutive “Outstanding” ratings on the Community Reinvestment Act exam, from the Office of the Comptroller of the Currency, making it the first U.S. national bank among the 25 largest to do so since the Act’s passage in 1977.

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 $187 billion at June 30, 2024. Key provides deposit, lending, cash management, and investment services to individuals and businesses in 15 states under the name KeyBank National Association through a network of approximately 1,100 branches and more than 1,400 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.