Investing in communities: KeyBank supports affordable housing projects

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KeyBank Community Development Lending and Investment (CDLI) has announced over $50 million in loans, financing, and investments for two affordable multifamily housing projects in Los Angeles, aimed at providing much-needed housing solutions for low-income families. The bank contributed $23.3 million in construction loans, $10.7 million in low-income housing tax credit financing, and arranged $16.2 million in permanent financing for the projects.

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The first project involves a four-storey, 40-unit building with six one-bedroom units and 33 two-bedroom units, plus a revenue-generating manager unit. The second project features a four-storey, 50-unit building with seven one-bedroom units and 42 two-bedroom units, along with a revenue-generating manager unit. Both properties will offer on-site supportive services from LifeSTEPS, including financial literacy, computer training, home-buyer education, and health and wellness programmes, all free for tenants. These services are designed to empower residents and enhance their quality of life

Additionally, KeyBank has committed $35 million for affordable housing in Miami, Arizona, supporting the construction and rehabilitation of Miami Inspiration Housing, the first affordable housing project in the market since 2009. This investment is expected to bring new hope to the community by providing safe and affordable housing options for those in need. By supporting these projects, KeyBank is demonstrating its commitment to fostering community development and improving the lives of low-income families

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